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what are the possible cheque bounce charges / penalty?
10-May-2023 (In Cheque Bounce Law)
I am a supplier of construction material. A contractor gave me 2 cheques that bounced. I just want to find out what are the charges or penalty that can be put in case of cheque bounce.
You can file a civil/criminal case as per the Negotiable Instruments Act under which punishment for bounced cheque can lead to up to two years of imprisonment, a monetary refund or both. If you do not wish to file a case, then the issuer of the cheque will only have to pay a small fine to the bank.
Also, according to RBI guidelines, banks may stop issuing cheque book facilities to any customer charged for a bounced cheque.
Also, according to RBI guidelines, banks may stop issuing cheque book facilities to any customer charged for a bounced cheque.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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