Current Account - Indian Laws - General

Expression current account In Earl Jowitt s Dictionary of English Law - Current Account: in banking a term used to distinguish drawing accounts from fixed deposits accounts, in Partnership and individual entrepreneur s account, a current account where each partner or the entrepreneur is usually set up as an account current (q.v.) between the individual and the business. According to Black s Law Dictionary , a General deposit is where the money deposited itself is not returned but a sum equivalent to the money (i.e., a like sum) is to be returned. CIT VERSUS GANDHI METALS MILLS PRIVATE LIMITED - 1992 (3) TMI 30 - RAJASTHAN HIGH COURT