Legal Question in Banking Law in India
is there any punishment for unsettled credit card due case.what banking law says.regarding credit card long due payment.Is there is any law to occupy properties? for recovering full payment.
Asked on 8/13/13, 3:14 am
1 Answer from Attorneys
J. Radhakrishnan
independent Practice
There is no scope for criminal proceedings leading to any punishment for credit card dues. However if any cheque has been issued in repayment which bounces due to insufficiency
Of funds in the Bank to honour the same, then the issuer of credit card can prosecute the drawer of the cheque under Sec.138 of the Negotiable Instruments Act and if not paid can result in imprisonment and fine.
Answered on 8/13/13, 4:59 am
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