In the current era, Cheques are used in almost all transactions, be the guarantee of loan recovery, Landlord tenant agreements, tenders, payment of salary to employees,payments of bills, in the trade, business and MSME sectorsetc. Cheques have become an integral part of our day to day transactions.
A cheque is a negotiable instrument which has been defined under Section 6 of the Negotiable Instruments Act,1881. The person who is the author of the Cheque is called the ‘Drawer’, the person in whose favour the cheque is signed is called the ‘Payee’ and the bank which is directed to pay the amount is called the ‘Drawee.’
The most common offence in today’s financial world is the bouncing of cheques. According to the Supreme Court of India, there are close to 40 lakhs of cheque bounce cases pending in the court. Lack of funds in the account is one of the main reasons for dishonour of cheques.
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A cheque may be returned by the drawee bank because of any of the following reasons.
Bouncing of cheques is considered to be a criminal offence in India and you can file a criminal complaint under Section 138 of the Negotiable Instruments Act. You can also file for a civil suit for recovery of the cheque amount, along with the cost borne and the lost interest.
There must be drawn a cheque on an account maintained by a person owning money, in a bank for payment of a certain amount of money to another person from out of that account.
That cheque should have been presented to the bank within a period of six months.That cheque was returned by the bank unpaid, either because of insufficient funds or any other mentioned above.
The payee or the holder in due course of the cheque makes a demand for the payment of the said amount of money by giving a notice prescribed in Cheque bounce law i.e. Sectiom 138 of N.I. Act in writing, to the drawer.
The drawer of such cheque fails to make payment to the payee within 15 days of the receipt of the said notice.
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