Cheque Bounce Rules: If you do most of the transactions through cheques, then this news is very special for you. As easy and convenient it is to transact through cheques, it also creates a dilemma for the cheque debtor when the cheque bounces. You may also be punished if the cheque bounces.
Many rules regarding cheque bounce (Cheque Bounce new rules) have also changed now. In such a situation, while knowing about these rules, it is also important for you to know what will be the punishment in case of cheque bounce. Know the full details about this in the news…
Cheque Bounce case In today’s digital age, there are many options for paying money. Paying by cheque is also one of them. Nowadays many people pay by cheque (Cheque using tips) but are unaware of the correct methods and rules of using cheques. If due to any mistake the cheque bounces (Cheque Bounce par sja), then there is a provision for punishment. Those who transact by cheque must be alert. Let us now know what punishment will be given if the cheque bounces
This is the punishment along with the fine in case of check bouncing-
Now the rules regarding cheque bounce (Cheque Bounce New Rules) have also changed. If a cheque bounces three times in a row, the account of the cheque issuer can be temporarily frozen. These rules have come into effect from the new financial (FY) year this year. If someone deliberately bounces a cheque, he may face up to two years in jail (Cheque Bounce punishment) and a fine of up to double the cheque amount.
Now this rule has changed-
Earlier, in case of cheque bounce, the victim i.e. the cheque creditor had only one month to lodge a complaint, now it has been increased to three months. Now there is also a facility to lodge a cheque bounce complaint online and digital evidence will also be recognised in the court. To speed up the process of hearing of cheque bounce cases in the court, the Madras High Court had also issued guidelines in this regard some time back.
Banks will give this information within 24 hours –
According to the new rules, now the same procedure will be applicable on cheque bounce of every bank (bank rules on Cheque Bounce). The bank will have to inform both the cheque debtor and the creditor within 24 hours by SMS and email stating the reason for cheque bounce.
Keep these things in mind to avoid check bouncing –
If you do not have enough balance in your bank account to pay through cheque, then do not issue a cheque. Apart from this, fill the date and name correctly on the cheque. Only blue or black ink should be used to fill the cheque. Never use a torn cheque (Cheque using tips).
Be extra careful and write ‘Account Payee’ in the corner of the cheque. Keep checking your bank statement and stay updated with the balance available in it. If you want to tell anything to the cheque creditor about the cheque amount or availability of money in the account, then definitely share it.
The punishment under this section is-
In Indian law (Indian law on Cheque Bounce), Cheque bouncing is considered a punishable offense. The same thing has been said in Section 138 of the Negotiable Instruments Act. If the Cheque bounces (Cheque Bounce punishment rules), the culprit can be jailed for up to two years and fined twice the amount of the Cheque. Apart from this, the Cheque debtor may have to pay court fees and lawyer expenses. Apart from this, bank penalty (penalty on Cheque Bounce) may have to be paid separately.
