Legal Opinion regarding supply of statement of accounts including FDR held in the name of Mr. x with BANK 1.

Mr. Z

Address….

Dear Sir,

RE:     Legal Opinion regarding supply of statement of accounts including FDR held in the name of Mr. x with BANK 1.

We refer to your letter no. …………….. dated March 08, 2007 and your letter no. …………………. dated 30 April 2007 and our opinion no. …………….. dated March 11, 2007 on the above subject.

From your letter it appears that Mr. y, the lawyer of Mr. x has requested BANK 1 (“the Bank”) vide his letter dated 24 April 2007 to provide statement of accounts for the years 2001-02 to 2005-06 including FDR.

In the circumstances stated above you have referred the matter to us with a request to give our legal opinion on the following points:

a)      Whether the Bank can supply the statement of accounts of Mr. x while the Order of the High Court Division of the Supreme Court of Bangladesh dated 08.03.07 passed in Writ Petition No. 2461 of 2007 is still valid.

b)      Whether the Bank can supply the statement of accounts in relation to the joint FDR account held in the name of Mr. x and Mrs. A, which is a joint account and mode of operation is either or survive.

c)      If the Bank can supply such statements then whether the Bank should send it directly to the Deputy Commissioner of Taxes ot to Mr. y.

OUR OPINION:

Query a) Whether the Bank can supply the statement of accounts of Mr. x while the Order of the High Court Division of the Supreme Court of Bangladesh dated 08.03.07 passed in Writ Petition No. 2461 of 2007 is still valid.

Opinion: From perusal of the Order of the High Court Division of the Supreme Court of Bangladesh dated 08.03.07 passed in Writ Petition No. 2461 of 2007 it appears that by that order the Court directed the respondents including the Bank not to divulge any information as required by the NBR Letter dated 01.03.2007 (“NBR Letter”). The Court has further directed that the aforesaid notice of NBR shall have no effect on Ms. A.

As such, the Order only restricts the Bank from divulging any information relating to Mr. x’s accounts to NBR as requested by the NBR letter. Apart from NBR, the Bank may divulge information relating to Mr. X’s account to any third party if that third party has the requisite authorisation from Mr. X.

According to the banking regulations the Bank is under an obligation not to disclose the statement of accounts of its customer to a third party without the authorisation of the account holder. Therefore, we are of the opinion that, the Bank may provide the statements of accounts of Mr. X’s accounts to his lawyer Mr. y, subject to Mr. y submitting a letter of authorisation from Mr. x authorizing Mr. y to collect his bank statements from the Bank on his behalf.

Query b) Whether the Bank can supply the statement of accounts in relation to the joint FDR account held in the name of Mr. x and Mrs. A, which is a joint account and mode of operation is either or survive.

Opinion: We are of the opinion that, the Bank may provide the statements of accounts in relation to the joint FDR account held in the name of Mr. x and Mrs. A to Mr. y, subject to Mr. y submitting a letter of authorisation from either Mr. x or Mrs. A authorizing Mr. y to collect his/her bank statements from the Bank on his/her behalf.

Query c) If the Bank can supply such statements then whether the Bank should send it directly to the Deputy Commissioner of Taxes or to Mr. y.

Opinion: We are of the opinion that the statement of accounts should be provided to Mr. y provided he has the requisite letter of authorisation as mentioned above.

If you have any further query, please do not hesitate to contact the undersigned.

Thanking you.

Yours faithfully,

………………….

For: “The Lawyers & Jurists”

Disclaimer:

The information contains in this web-site is prepared for educational purpose. This site may be used by the students, faculties, independent learners and the learned advocates of all over the world. Researchers all over the world have the access to upload their writes up in this site. In consideration of the people’s participation in the Web Page, the individual, group, organization, business, spectator, or other, does hereby release and forever discharge the Lawyers & Jurists, and its officers, board, and employees, jointly and severally from any and all actions, causes of actions, claims and demands for, upon or by reason of any damage, loss or injury, which hereafter may be sustained by participating their work in the Web Page. This release extends and applies to, and also covers and includes, all unknown, unforeseen, unanticipated and unsuspected injuries, damages, loss and liability and the consequences thereof, as well as those now disclosed and known to exist.  The provisions of any state’s law providing substance that releases shall not extend to claims, demands, injuries, or damages which are known or unsuspected to exist at this time, to the person executing such release, are hereby expressly waived. However the Lawyers & Jurists makes no warranty expressed or implied or assumes any legal liability or responsibility for the accuracy, completeness or usefulness of any information, apparatus, product or process disclosed or represents that its use would not infringe privately owned rights. Reference herein to any specific commercial product process or service by trade name, trade mark, manufacturer or otherwise, does not necessarily constitute or imply its endorsement, recommendation or favouring by the Lawyers & Jurists. The views and opinions of the authors expressed in the Web site do not necessarily state or reflect those of the Lawyers & Jurists. Above all, if there is any complaint drop by any independent user to the admin for any contents of this site, the Lawyers & Jurists would remove this immediately from its site.