Sharks of Law
Adv Samman Singh
Adv Samman Singh. | 1 month ago | 214 Views

What To Do In Cheque Bounce Case: Lawyers Legal Advice 91-8877001993

You are familiar with the concept of a bounced cheque and how it impacts the financial records of your bank accounts.

When a cheque bounces, people are more likely to fall victim to it and find themselves in a vicious loop where they need assistance from a bank and the person who signed the cheque is blamed for keeping their word after initially breaking it. He has three months from the date of the initial submission to make the necessary corrections.

Cheque Bounce Case: About

  • Cheques that bounce are those that a bank declines to accept or draw. Its validity may be affected by a number of things, like an error in the cheque's issue date or its expiration date.
  • It not only ignores your payments but also returns the unsuccessful cheques, dishonouring them.
  • A few possible explanations include overwriting, mismatched signatures, or inaccurate numbers. Any layperson may avoid such a thing, which could be financially overwhelming, by using the right strategies and doing pre-checks to prevent such accidents.

What is the new rule for cheque bounce case?

A new regulation concerning bounced checks was issued by the Reserve Bank of India in August 2021. The salient features are as follows: 

  • The person drawing the cheques must maintain a minimum balance in the account particularly when the cheques are used for financial transactions. 
  • The National Automated Clearing House will continue to run around-the-clock.
  • This guideline can be applied to all government and private-sector banks

As a result, you can clear the cheque more quickly.

What is the punishment for a cheque bounce case?

  • The Negotiable Instruments Act of 1881 regulates legislation relating to promissory notes, bills of exchange as well as cheques. 
  • According to Section 138 of this Act, the drawer will be considered to have committed an offense under this act if a cheque drawn by the accused on a bank account he maintains for the discharge of debt or liability is returned unpaid because there are not enough funds or because the amount exceeds the bank's agreement. 
  • In certain situations, the criminal faces a maximum two-year jail sentence, a fine equal to twice the amount of the check, or both.

What is the time period for cheque bounce case?

The legal framework usually places a time limit on how soon after the bouncing incident occurs a party may launch a case involving a bounced cheque. This deadline is necessary to guarantee a prompt and equitable settlement of the issue. 

  • The complaint must be filed within thirty days of the fifteen-day payment period end. This essentially means that 45 days after the 15-day notice period has passed, you have to file a case over a cheque bounce.
  • Accordingly, in compliance with Section 138 of the Negotiable Instruments Act, the complainant has 45 days starting at the conclusion of the notice period (30 days + 15 days) to register a legal complaint & initiate a lawsuit.  

How to settle a cheque bounce case?

  • Hire Lawyers for Cheque Bounce Case: It is preferable to engage attorneys in case of cheque bounce situations. Apart from writing up settlement agreements and negotiating, an attorney will ensure compliance with all the processes within the law.
  • Discuss the Amount of Settlement: The sum to be paid to resolve the matter should be discussed and negotiated. The amount in question may include the amount of the check’s face value, the accrued interests on it, and also any other form of suffering attributed damages. Aim for the amount that is acceptable by all the parties involved and be ready for bargaining.
  • Prepare a Settlement Agreement: Compose a settlement agreement once the amount has been determined.
  • Obtain No Objection Certificate: The complainant needs to obtain the No Objection Certificate (NOC) when the completion of the complaint fee reimbursement is done. It has to be noted that the payment of settlement has been received by the complainant and as well as therefore no objections are raised in connection to the discontinuation of the case in hand.
  • Attach all documents and Present in Court: To withdraw the complaint, the parties who are concerned will be needing to submit a joint motion to the judge in the charge of the proceeding. Attach the NOC and the compromise reached to the motion. The court will look at the documents and, if it finds them in order, will permit the party to take the action of dismissing the suit.
  • Appear for the Hearing in Court: On the date fixed for the hearing both the parties are required to be present in court. The court may ask questions to ensure that the settlement is something that is both willing and agreed to. The court is going to issue an order to terminate the pending case once the satisfaction has been received. 
  • Ensure Preservation of Materials: For record purposes, it is advisable that all the documents which relate to the settlement including the settlement deed, no objection certificate, and the decree be preserved. These documents may come in handy to avoid any future disagreements.

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