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Procedure to be followed by in a cheque bounce case
05-Apr-2023 (In Cheque Bounce Law)
Pls let me know if the cheque is bounce what will happen any suggestion for further process
In case of a cheque bounce case the payee has to sent the notice to the drawer within 30 days from the date of receiving “Cheque Return Memo” from the bank. The notice should mention that the cheque amount has to be paid to the payee within 15 days from the date of receipt of the notice by the drawer. If the cheque issuer fails to make a fresh payment within 30 days of receiving the notice, the payee has the right to file a criminal complaint under Section 138 of the Negotiable Instruments Act.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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You will get the returned cheque from the bank along with a memo with an endorsement "Insufficient fund", thereafter you must issue a demand notice through an Advocate within 30 days from the date of receipt of the memo, for return of the money within 15 days, If he still does not pay back then you must file a compliant before the jurisdictional Magistrate court for redressal of your claim.
Pratap, Advocate
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Adv. Pratap Kumar
Bangalore | 200+ Answers
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Learn what should be & what shouldn't be done in case of a bounced cheque with this complete guide for Indian Laws on cheque bounce.
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