Cheque Bounce Case Filing Procedure In India
Cheque dishonour is a criminal violation that can result in a sentence of up to two years in prison, a monetary fine, or both. Loan repayment, wage payment, bill payment, and fee payment are all examples of transactions where cheques are used. On a daily basis, banks handle and clear the vast majority of checks. Cheques are issued in order to provide proof of payment. Cheques, on the other hand, are still a popular mode of payment for many people. On the other hand, it is always a good idea to issue crossed “Account Payee Only” cheques to avoid their being misappropriated.A check is a form of negotiable currency. Cheques that are crossed and account payee are not negotiable by anyone other than the payee. The checks must be deposited into the account of the payee. In Cheque bounce Case , The “drawer” is the person in whose favour the cheque is written, the “payee” is the person in whose favour the cheque is drawn, and the “drawee” is the bank that is directed to pay the money. Ch...