Cheque Bounce Notice - Procedure, Punishment And Penalty
A "bill of exchange" that is due upon demand is a cheque. The "drawer" is the person who issues the cheque, and the "drawee" is the person for whom the cheque is issued. Cheques are utilized in almost every transaction, including loan repayment, wage payments, bill payments, payment of fees, etc. Daily, banks process and clear the vast majority of checks. Cheques are issued as a means of obtaining payment documentation. However, for many people, checks continue to be a trusted form of payment. Conversely, it's usually a good idea to print crossed "Account Payee Only" checks to prevent misuse. According to the Negotiable Instruments Act, Cheque Bounce is a serious crime that carries a prison sentence and a fine. To preserve his legal rights under the Negotiable Instruments Act, the drawer of the cheque must deliver the document within 30 days after the day it was dishonored. Cheque bounce or cheque non-payment is a serious offense punishable...