Legal Question in Banking Law in India
cheque bounce punishment
dear sir
cheque of my college is bounced due to insufficient fund .
what can i do legaly through law ?
Asked on 11/04/09, 6:48 am
3 Answers from Attorneys
Seshadri Srinivasan
www.lawconcern.com
Pay when notice for cheque dishonour is served.
Answered on 11/04/09, 8:04 am
J. Radhakrishnan
independent Practice
if your colleague whose cheque has bounced, he should pay it up when notice of demand is received. Otherwise, he is liable to be prosecuted and still if he does not pay during trial, he will be punished with imprisonment upto 2 years or fine for twice the amount of the cheque or with both.
Answered on 11/04/09, 9:50 pm
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