The cheque
issued to me has bounced, what do I do?
This is the most
comman legal problem we all face and we all get in a case of panic and
helplessness when we get intimation from the bank that the cheque which was deposited
by us has bounced. Before going to the legal remedy and the law, let us
understand what cheque bouncing is :
“The cheque
bounce in normal terms means the returning of cheque by the bank to which it is
deposisted due to either lack of fund in the persons account from which the
amount had to be paid or the cheque amounts exceeds the amount which the
contract between the customer and bank allows.”
Now the question
arises, what the person should do..
1)
Within 30 days from the issue of intimation by
the bank issue a notice to the person who issued the cheque to make the payment
of the amount.
2)
If the person fails to make the payment within
15 days from the receipt of such notice file a complaint under 138 of
negotiable instruments act within 30 days.
3)
Consult a lawyer to file a complaint
The relief which
the person can get is either twice the amount of the cheque money or
imprisonment of the person for 2 years who issued the cheque
