When a payment has been made to cover a dishonoured cheque but the holder refuses to return the original cheque, the drawer can take several legal steps to resolve the issue. DOCUMENT EVIDENCE: First, ensure that you have documented evidence of the payment made to the holder. This includes bank statements, receipts, or any correspondence … Read more
Avoiding punishment in cheque bounce cases requires proactive measures and careful financial management. A Bounced Cheque, governed by Section 138 of the Negotiable Instruments Act, can lead to serious legal consequences, including fines and imprisonment. You surely can avoid grave ramifications of Cheque Bounce situations by ensuing steps; Maintaining Sufficient Funds: Ensure your account always … Read more
In India, EMI Dishonour and Cheque Bounce cases both involve the failure to fulfill financial obligations, yet they DIFFER significantly in terms of their nature and legal ramifications. EMI DISHONOUR occurs when a borrower fails to make an Equated Monthly Instalment (EMI) payment on a loan or credit facility. This typically results from financial constraints … Read more