What is the law in India around Cheque Bounce?
A situation of cheque bounce is basically a term used to define the unsuccessful processing of a dispensed cheque due to several reasons. Non-sufficient funds (NSF) in the issuer’s account is one of the primary reasons for a bounced cheque. The Law around such cases is illustrated under section 138 of Negotiable Instruments Act. It states that Dishonour of cheque for insufficiency, etc., of funds in the account. —Where any cheque drawn by a person on an account maintained by him with a banker for payment of any amount of money to another person from out of that account for the discharge, in whole or in part, of any debt or other liability, is returned by the bank unpaid, either because of the amount of money standing to the credit of that account is insufficient to honour the cheque or that it exceeds the amount arranged to be paid from that account by an agreement made with that bank, such person shall be deemed to have committed an offence and shall, without prejudice to any other provisions of this Act, be punished with imprisonment for a term which may be extended to two years, or with fine which may extend to twice the amount of the cheque, or with both.
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Behind every successful law firm there is hard work of its associates and trust of its clients. Advocates at Tripkasha Litigation are well conversant with the facts and knowledge of the matter, we are aware of the interpretation of law, statues, and all the current amendments as well as judgements which helps us in taking all our cases with the most efficient and effective way.
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