The term 'customer' of a bank is not defined by law. Ordinarily, a person who has an account in a bank is considered its customer. Banking experts and the legal judgements in the past, however, used to qualify this statement by laying emphasis on the period for which such account had actually been maintained with the bank. In Sir John Paget's view "to constitute a customer there must be some recognisable course or habit of dealing in the nature of regular banking business." This definition of a customer of a bank lays emphasis on the duration of the dealings between the banker and the customer and is, therefore, called the 'duration theory'. Accord- ing to this viewpoint a person does not become a customer of the banker on the opening of an account, he must have been accustomed to deal with the banker before he is designated as a customer.
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DEFINITION OF A CUSTOMER IN THE COMMERCIAL BANK
Different Act with Year & Amendment
Contract Act-1872
Majority
Act-1875
Negotiable
Instrument Act-1881
Transfer
of Property Act-1882
The
Bankers Book evidence Act-1891
Income
Tax Ordinance-1984
Stamp
Act-1899
The
Registration Act—1908
The
Limitation Act-1908
The
Public demand recovery Act-1913
Partnership
Act-1932
The
Foreign Exchange Regulation Act-1947, Amendment-2015
The Bank
Company Act-1991
The
Company Act-1994
The
Bankruptcy Act-1997
The
Insolvency Act-1997
Information
and Communication Technology Act-2006
Anti-Terrorism
Act-2009, Amendment-Twice-2012 & 2013
Money
Laundering prevention Act-2012, Amendment-2015
Master
Circular-10- December 28, 2014