Everyone knows that cheque issued under friendly loans are security cheque in case if such security cheques presented for more than 50K value. bank will bounce it or treat it as fraud cheque as there will be no update by the issuer in positive pay system for that cheque.
Please advise.
If sufficient amount to encash cheque is not lying in account than definitely bank will dishonour cheque.Security cheque also comes under the purview of sec 138 of N.I.Act
