Queries Participated

Cheque Bounce

A family friend has taken a loan of Rs 2.5 Lakhs from me and my wife for just 5 days to overcome some crisis.
The money was transferred through Bank Transfer from my wife account to the person's company account - he is the owner of the company.
Now the person has sent us a cheque as repayment but that cheque has bounced.
I have told him about this over email which he acknowledged and asking for more time.

I want to know if notice in form of email is sufficient for any legal proceedings in future or do we need to send Registered letter?
Also what is the time within which I need to send the notice after bank informed me that the cheque has bounced due to insufficient fund?

Thanks in advance