Basic Cheque Bounce Procedure

The bouncing of cheque entitles the holder of cheque to take criminal action against the drawer of cheque but only if a strict procedure is followed in this respect, which is as follows: 1. In case a cheque is bounced, a notice has to be issued to the drawer of the cheque (Oppsoite Paty) within…

file complaint under 138 NIA act

WHO CAN FILE COMPLAINT  Payee or holder in due course is a competent person to file complaint. Complaint must be by corporal person capable of making physical appearance in court. In case of company and firm natural person should represent it. Complaint can be filed by Power of Attorney Holder. It is not requirement that…

SECTION 138 NEGOTIABLE INSTRUMENT ACT

SECTION 138 NEGOTIABLE INSTRUMENT ACT Negotiable Instruments have been used in commercial world since long as one of the convenient modes for transferring money. Development in banking sector and with the opening of new branches, cheque become one of the favourite Negotiable Instruments. When cheques were issued as a Negotiable Instruments, there was always possibility…

KINDS OF CHEQUES

KINDS OF CHEQUES Open cheque: The issuer of the cheque would just fill the name of the person to whom the cheque is issued, writes the amount and attacheshis signature and nothing else. This type of issuing a cheque is also called bearer type cheque also known as open cheque or uncrossed cheque. The cheque…

Judicial Pronouncements under 138 NIA Act

Judicial Pronouncements under 138 NIA Act Insufficient funds Exceeds arrangements- funds are sufficient but, the amount mentioned in the cheque exceeds the arrangement made with the bank. Payment stopped by drawer- Som Nath Versus State of Punjab and another 2008(1) RCR(Criminal) 273 (P&H). Account already closed. Jitender Poddar Versus Prem Nath Sharma 1994(3) RCR(Criminal) 353(P&H),…

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