Bounced Cheque
What are the penalties under the Indian Law for bounced cheque due to insufficient funds
Asked on 5/28/08, 3:16 am
4 Answers from Attorneys
J. Radhakrishnan
independent Practice
Re: Bounced Cheque
maximum penalty prescribed in Sec.138 of the Act is imprisonment for two years or fine equivalent to twice the cheque amount or both.
Answered on 5/28/08, 10:19 pm
Re: Bounced Cheque
case of cheque bouncing falls under N.I.Act and not under IPC.Punishment is 2 years imprisonment and double of the cheque amount.
Answered on 5/31/08, 6:58 am
Homi Maratha
N.N. Maratha & Co.-Advocates
Re: Bounced Cheque
Maximum penalty is 2 years imprisonment or fine equivalent to the twice of the cheque amount.
Answered on 6/16/08, 3:24 pm
Aniruddha Pawse
Aniruddha.P.Pawse Advocates
Re: Bounced Cheque
Penalties u/s 138 of Negotiable Instruments Act.
A court may ask you to pay the cheque amount at times alongwith interest or compensation which may extend upto the amount of cheque. Also it may give punishment of imprisonment.
Answered on 5/28/08, 8:03 am
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