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I have lost Rs.80,000 due to cancellation of Foreign currency demand draft. Can I recover the money lost ?
I had issued an FC DD of USD 37000 from a private Indian bank. The amount (in rupees) debited from my account was at a dollar rate of 50.57. After 2 working days I requested the bank to cancel the FC DD due to personal reasons. But after the FC DD cancellation, the amount (in rupees) credited back to my account was at a lower dollar rate of 48.26. As a result, I suffered a loss of around Rs 80,000 in this transaction.
It sounds ridiculous but the truth is that I have lost a huge amount of money due to cancellation of FC DD :(
Can some financial experts please advise me on how to recover the money I lost ?
3 Answers
- Anonymous10 years agoFavorite Answer
What;s lost is lost
- 10 years ago
The Bank would have charged you the value of $ on the basis of SALE value of $ on the day you requested them to issue the Draft plus Bank changes. On the date of cancellation, the Bank would have credited the amount on the basis of PURCHASE value of $ on that day less cancellation charges. Accordingly, the charges for issuing and cancellation are legitimate charges recovered from you. Now the question remains whether the Purchase price was correct or not? I may request you to find out the same from your Bank and also compare from other financial institutions. In case, there is marginal difference, forget about it and if there is major difference, please request the Bank to pay the difference.
Source(s): Retired Banker. - Anonymous10 years ago
No. there is no such procedure where you can recover your money.
