Legal Question in Banking Law in India

A bank account payable cheque given to me was bounced last week. I would like to know if I can deposit it again after few days within the 6 month time-span limit ?

Yes you may deposit it any number of times within its time limit. But is three months now and not six months.

Is it fine if I issue a notice if it bounce in the second attempt also ?

Yes, you may do so

Or I can take a legal action ONLY after FIRST attempt of its failure ?

You may do that at second time also, as per the latest judgment of supreme court in 2012

What is the first step of this legal action I have to take after the cheque is bounced and I decide to take action.

First step is to issue notice within thirty days, then wait for 15 days, if payment does not come file the complaint within nxt thirty days.

Within the validity period you can present the cheque any number of times and in the last time within that period issue notice within 30 days of the return to make payment within 15 days' receipt of the notice and on failure thereof file prosecution within a month thereof.

Within 3 months from the date of the cheque, you can deposit it as many times as you want. After the cheque bounces on 'last' occasion; you need to issue notice complying with requirements of section 138 of N I Act. Thereafter, if the person fails to comply and pay, then you must file a complaint in the magistrates court.