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Ruban Sai   06 February 2024

Cheque bounce

What would be the consequences if a person issues a cheque of an account which is pending for KYC Verifications.....Does cheque bounce case can be applied or anyother....As KYC is not verified, cheque is not accepting in the bank....please clarify....


 2 Replies

Real Soul.... (LEGAL)     06 February 2024

if the cheque is not honored and instrument was refused to be enchased by bank, just get the memo and file complaint under 138 NIA

T. Kalaiselvan, Advocate (Advocate)     06 February 2024

If the reason for not honouring the cheque for other than legally valid reasons, this legally invalid reason will not not constitute an offence under section 138 NI Act.

Therefore it is important to note the reason for not honouring the cheque before taking any legal action under cheque bounce offence 

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