negotiable instruments act

cs (Querist) 31 October 2009 This query is : Resolved
what is the time period allowed to drawer u/s 138 for making payment.

what will be the date of starting prosecution if the notice of dishonour of cheque was received on 20/09/2009 and the company has issued notice on 10/10/2009

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A V Vishal (Expert) 31 October 2009
The date of starting prosecution will be from 25-10-2009.

H. S. Thukral (Expert) 31 October 2009
Fifteen days from the date of notice. The cause of action arises on expiry of notice. Complaint is to be filed within one month of arising of cause of action.

cs (Querist) 31 October 2009
when it has been change as the bare act is showing it as thirty days w. e. f. 2003

H. S. Thukral (Expert) 31 October 2009
Earlier the demand notice had to be sent within 15 days of receipt of information from the bank which has been amended and the period is 30 days. The payment period after notice remains 15 days without any change.

Anish goyal (Expert) 31 October 2009
You can file case on 16th day that is 26/10 in your case. 30 days is the the limitation period with in which you have to send notice

cs (Querist) 31 October 2009
THANKS FOR UR COOPERATION AND GUIDANCE

Sachin Bhatia (Expert) 31 October 2009
The demand notice had to be sent within 30 days of receipt of information from the bank. The payment period is fifteen days from the date of notice. You can file case on 26/10/09. Complaint can be filed within one month of arising of cause of action.