Check Bounce Rules: If you also use Chequebook and your Cheque never gets bounced, then it is important for you to know about its rule… So let’s know.
New Delhi. Online transactions are increasing rapidly in today’s time, but there are still many people who prefer to pay through cheques. Anyway, only Cheques are used for big transactions. In such a situation, you should make the payment through Cheque very carefully because a lot of care has to be taken while filling the cheque.
The Cheque may bounce on a slight mistake and you may also have to pay a fine if the Cheque bounces. In some situations, jail time may also have to be eaten. If you also use Chequebook and your Cheque never gets bounced, then it is important for you to know about its rule… So let’s know.
Check bounces due to many reasons such as lack of balance or less in the account, change of signature, mistake in writing words, mistake in account number, overwriting etc. Apart from this, the Cheque can also bounce due to the expiry of the time limit, closure of the Chequer’s account, lack of company’s stamp on the cheque, crossing the overdraft limit etc.
If in any situation the Cheque bounces, then the bank deducts its fine from your account itself. When the Cheque bounces, the debtor has to inform the bank, after which the person has to make the payment within a month.
How much is the penalty for Cheque bounce
Banks charge penalty from their customers if the Cheque bounces. This fine can be different according to the reasons. These charges are different for different banks. This fine can range from Rs 150 to Rs 750 or Rs 800. He can be imprisoned for up to 2 years or fined twice the amount of the Cheque or both. However, this happens in the same situation when there is not enough balance in the account of the Cheque giver and the bank dishonours the cheque.
What can be jail?
Bouncing a Cheque is considered a crime in India. According to the rules, if the debtor is not able to pay the Cheque within a month after the Cheque bounced, then a legal notice can be issued to his name. Then the reply to this notice is not received within 15 days, then a case can be filed against such person under section 138 of ‘Negotiable Instrument Act 1881’. After the case is registered on the debtor, he can be fined or he can be jailed for two years or there is a provision for both.
