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SECTION 138 (CHEQUE DISHONOUR NOTICE):

WHAT IS DISHONOUR OF CHEQUE:

Dishonour means bouncing or returning. When the cheque is returned by the Bank for reasons then this is called Dishonoured of cheque.

Causes of Dishonour of cheque:

  • Due to insufficient of fund.
  • Signature mismatch.
  • overwrite or spelling error in cheque.
  • due to death, insolvency or lunacy of the drawer.
  • If the drawer orders to stop payment the cheque
  • If the court or state orders to stop payment the cheque
  • incorrect date mentioned in cheque etc.

Effects Of Cheque Dishonour

  • The penalty will be levied on both of the drawer and Payee by their respective bank.
  • The Credit score will be damaged.
  • The Negotiable instrument act (NI Act 1881) will be applicable.

What Will You Do In Case Of Dishonour Of Cheque?

  • Bank will inform you about the cheque dishonoured.
  • Collect the cheque immediately from the bank
  • sent the notice to the drawer within 30 days from the date of receiving “Cheque Return Memo” from the bank,
  • mention in the notice that the cheque amount has to be paid to the payee within 15 days from the date of receipt of the notice by the drawer.
  • If the cheque issuer fails to make a fresh payment within 30 days of receiving the notice, the payee has the right to file a criminal complaint under Section 138 of the Negotiable Instruments Act.


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