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How to cancel a cheque
28-May-2023 (In Cheque Bounce Law)
Hi, i've issued a cheque to someone and i cancelled it the next day. My question is,what will happen once the guy goes to the bank to withdraw the money with the cancelled cheque? As it is canceled by me,the bank won't give him the money,so is there any cancel for him to file a case on me???
Hello,
Whatever might be the reason for the bank to dishonor a cheque, i.e., "stopped payment by drawer" or "Insufficient Funds" or "Signature Mismatch" etc, the drawee has full rights to initiate proceedings of cheque bounce against the drawer if the drawer fails to make the payment within 15 days of notice issued by the drawee after dishonor of the cheque. I hope this clarifies.
Whatever might be the reason for the bank to dishonor a cheque, i.e., "stopped payment by drawer" or "Insufficient Funds" or "Signature Mismatch" etc, the drawee has full rights to initiate proceedings of cheque bounce against the drawer if the drawer fails to make the payment within 15 days of notice issued by the drawee after dishonor of the cheque. I hope this clarifies.
Helpful?
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Adv. B. Srikiran
Hyderabad | 500+ Answers
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Dear Client,
What do you mean by cancellation. Whether have you cancelled across the cheque. Then bank authorities willl not entertain the cheque. That is to say they will not receive cheque for collection. Hence, the cheque will not be presented for collection. When cheque will not be received by bank, then they will not give cheque dishonour memo. When cheque dishonour memo was not given then there is no cause of action for filing chieque dishonour case. So you need not worry.
What do you mean by cancellation. Whether have you cancelled across the cheque. Then bank authorities willl not entertain the cheque. That is to say they will not receive cheque for collection. Hence, the cheque will not be presented for collection. When cheque will not be received by bank, then they will not give cheque dishonour memo. When cheque dishonour memo was not given then there is no cause of action for filing chieque dishonour case. So you need not worry.
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Adv. Sistla Rama Krishna
Vijayawada | 400+ Answers
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