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Legal notice for recovery of money is a formal intimation between two people warning the other before legal action is initiated to get their due payment. Believe it or not, you can also send a legal notice for recovery of money from a friend, in case he/she owes you a lot. To recover money from people who owe it to you, the role and importance of a legal notice for recovery of due becomes important. Legal notice for refund of money can be filed for anyone from a dealer to an employee, tenant, friend, company, bank, etc.
This is the era of entrepreneurship and start-up businesses which is clearly boosting the developing economy of the country towards the path of financial freedom. It is very unfortunate that according to IBM Institute for Business Value and Oxford Economics, more than 90% funded startups are shutting down within primary five years of their business because of negative cash inflow i.e. issues with the recovery of money. In most cases, due to the lack of strong legal support and prudent legal advisors, people failed to recover a huge amount of money from debtors which led to the closure of businesses or other financial instabilities.
As we discussed earlier, one of the crucial steps for recovery of money in India is to send a legal notice. The legal notice is generally issued by an advocate on behalf of his/her client for the purpose of soliciting a settlement. A legal notice must contain the following points:
There are several situations when it becomes necessary to opt for legal solutions. Among them, the most common are as follows:
In case an employee absconds with the money, then a domestic enquiry will be initiated, sending a show-cause notice to the employee's residential address.
If any employer deprives his employees of their legitimate salary then several procedures are available like sending a legal notice for recovery of money for salary.
Legal notice for recovery of money under Loan:
In India, defaulters of a loan are creating a huge mess in the economy and as such in recent years the government has taken strong measures to recover the money circulated through debt.
Recovery of Money from a Friend:
To avoid any unpleasant issue in the future, one should give loan to friends or family members through either of the two instruments i.e. Promissory Notes or Loan Agreements.
Henceforth, in order to summarize all of the above mentioned legal remedies for recovery of money, it can be said that for recovery of money, civil remedies are available under Order 37 of The Code of Civil Procedure, 1908.
The Summary Suit and Criminal Remedies are available under Section 406 (criminal breach of trust), Section 420 (cheating), and Section 426 (mischief) of the Indian Penal Code, 1860. Above all, the most effective and primary step which can be taken is sending a legal notice for recovery of money in order to get your money safely & securely back.
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 The Negotiable Instruments Act, 1881 - This law defines these instruments and also deals with each type of them individually. It governs the use of cheques, promissory notes, and bills of exchange.