cheque bounced because of insufficient balance
Sir / Madam, A cheque issued to me (Amount is in a few tens of thousands) was returned back by the Payers Bank stating Insufficient Funds. I waited for a few days and deposited again however it again returned back for the same reason. Is this an offence done by the issuer and if yes, what actions are possible under the legal system. What legal rights does the Payee (i.e. myself here) have in such a case.
Yes, you all the rights to get your money and also he can be punished for criminal offence. You must serve him a legal notice through a lawyer within 30 days of date of bouncing of the cheque giving 15 days to drawer to pay the amount,if he fail to pay within 15 days then you must have to file criminal complaint within 30 days thereafter under section 138 of N.I.Act.
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