consequences of dishonour of cheque | |
The dishonour of a cheque can lead to serious legal and financial consequences under Indian law, particularly under Section 138 of the Negotiable Instruments Act, 1881. When a cheque is returned unpaid due to reasons like insufficient funds, account closure, or mismatch of signature, the drawer (the person who issued the cheque) can be held legally liable. The payee (the person receiving the cheque) must issue a legal notice to the drawer within 30 days of receiving the dishonour memo from the bank, demanding payment within 15 days | |
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| Target State: All States Target City : Chandigarh Last Update : Apr 09, 2025 4:40 AM Number of Views: 12 | Item Owner : NRI Legal Contact Email: Contact Phone: 07428899979 |
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