A check that cannot be processed by the banks on account of various reasons such as Insufficient funds, mismatching Signature, overwriting etc is said to be a bounced cheque. It is one of the most common financial offences in India.
How is it going to impact you?
- Downgrading of CIBIL Score
- Penalization by the bank
- Civil and Criminal charges may be filed by the aggrieved party
Related Legal Provisions:
There is a window of 3 months from the date of the cheque to re-present it. In case the cheque bounces again, then legal proceedings can be initiated against the issuer within 30 days under following provisions:
- IPC Section 417 and Section 420: A non-bailable immediate warrant may be issued
- Section 138 of Negotiable Instruments Act (NIA): Imprisonment upto 2 years and/or fine upto twice the value of check amount, if proven as willful defaulter.
Get a lawyer for Cheque Bounce issues and cases.
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