1937 (2) TMI 10

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....ion of this company. He was appointed cashier of the Calcutta branch at a monthly salary of Rs. 60 on condition that he furnished security to the extent of Rs. 2,500 in cash. It was agreed on behalf of the company that as the petitioner would be deprived of the use of the money for the period during which it was held as security by the Bank, the Bank would indemnify him by paying interest on the m....

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....cific terms, the fact that the Bank had agreed to pay interest upon the security might have militated against the position taken up by the petitioner, because, in the ordinary way, if the Bank had to pay interest upon the security it might be assumed that it was intended that it should use the money in the banking business like any other deposit, so as to enable it to earn the interest which it ha....