Legal Question in Banking Law in India
Bounced Cheque
What are the penalties under the Indian Law for bounced cheque due to insufficient funds
4 Answers from Attorneys
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.
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.
Re: Bounced Cheque
Maximum penalty is 2 years imprisonment or fine equivalent to the twice of the cheque amount.
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.
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