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Who Is The Loser?

Discussion in 'Interesting Shares' started by jayasala42, Nov 17, 2019.

  1. jayasala42

    jayasala42 IL Hall of Fame

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    While walking down the street,Ram found a hundred rupee note on the foot path.He picked up the note,noted the number and took it home.
    In the afternoon the plumber called on Ram to collect his bill. As Ram had no other money, Ram settled his account with the hundred rupee note he found on the road.
    The plumber paid the milkman the same note to settle his monthly account .
    The milkman tranferred the currency to a tailor towards the stitching charges.
    The tailor used the same note to buy an old sewing machine from an old woman in the neighbourhood.
    The old woman had taken a loan from Ram sometime back. Now she remembered about this and paid back her debt with the same note.
    As Ram had noted down the number he could confirm that it was the same note he found on the platform.On careful examination he found out the note to be a counterfeit note.
    How much was lost in the transaction and by whom?
    (This is not a maths puzzle)

    At the outset all transactions take place under the impression that the currency is a genuine one.If it has not been detected at all ,the loser may be the person who, wantonly or by mistake has lost the currency note. But he does not come to the picture at all.
    Normally, Ram or anyone for that matter may simply throw away the fake note and keep quiet.
    The question appeared in a law Journal and the answer has been given as under:

    "Legally speaking , if one acquires a property by proper registration and later on finds that the title deeds are not genuine,he won't be entitled to the property, however innocent he proves to be.On any day innocence cannot be claimed as an excuse.
    In the same way,during the first transaction Ram was not aware of the fact that the currency was a counterfeit note,and the position of all others were similar.
    But once the fact is known to Ram, the last transaction as well as all the previous transactions passed thro the fake currency are deemed to be null and void.
    As all the transfers have been invalidated , they cannot be called 'transactions' at all and the question of loss does not arise. Everybody stands in relation to the debtor just where he or she stood before Ram picked up the note.
    Ram has to start afresh with a genuine note and complete the cycle until he receives back his dues from the woman."
    I too was not very much convinced with the information in the journal.
    In all the cases the starting point may not be the end point.There is every possibility of the last holder becoming answerable. But sometimes legal decisions are totally beyond our comprehension.
    Any other member with a legal background may offer a better explanation.
    jayasala42
     
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  2. Amulet

    Amulet IL Hall of Fame

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    How common are fake currencies in India ?
    There has been a lot of talk and forwarding of the picture of a 1000 rupee note with a smiling MKG face on it. And it is a fake. Are there any others ?
     
  3. jayasala42

    jayasala42 IL Hall of Fame

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    Dear Amulet,
    Here the doubt is not about denomination and whether fake currencies are common or not. The question is about the legal aspect, irrespective of the denomination.For an AAM aadmi, a hundred rupee is equally precious.

    jayasala42
     
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