#Daily_One_Banking_Term
✔️ Law of Limitation :
▪️Limitation Act of 1963 fixes the limitation period of debts and obligations including banks loans and advances.
▪️If the period fixed for particular debt or loan expires, one cannot file a suit for is recovery, but the fact of the debt or loan is not denied.
▪️It is said that law of limitation bars the remedy but does not extinguish the right.