Saturday 18 January 2020
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business-standard - 1 month ago

Consumer court penalizes bank for non-acceptance of travellers cheques

A consumer court has penalized American Express Bank for non- acceptance of travellers cheques and directed it to pay compensation of Rs 3 lakh to the complainant.Complainant Suresh Srivastava, Secretary-General of Indian Federation of UN Association had approached National Consumer Disputes Redressal Commission (NCDRC) stating that in his tenure as Secretary-General, travellers cheques worth US $ 6000 were purchased from Thomas Cook (India) Limited which were issued by American Express bank.When the complainant, along with other members of the delegation reached Rio-de-Janeiro in the year 2012 and tried to convert the travellers cheques into Brazilian currency, the exchange or encashment was refused by all the banks and foreign exchange dealers. As a result, he had to face acute hardship due to want of funds in a foreign country, thousand miles away from his country.Legal counsel of complainant, Advocate Vinayak Srivastava argued that the complainant along with other members of ...

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