Click here to WhatsApp me for more information.
According to Section 138 of the Negotiable Instruments Act, 1881, the payee must send a demand notice to the drawer within 30 days of receiving the cheque bounce memo from the bank. The demand notice must be in writing and must clearly state the amount of the cheque, the date on which the cheque was dishonored, and the reason for the dishonor. The demand notice must also give the drawer 15 days to pay the amount of the cheque.
If the drawer fails to pay the amount of the cheque within 15 days of receiving the demand notice, the payee can file a complaint with the magistrate’s court.
It is important to note that the demand notice must be sent within 30 days of receiving the cheque bounce memo from the bank. If the payee fails to send the demand notice within 30 days, they will lose their right to file a cheque bounce case against the drawer.
If you have received a cheque bounce memo from the bank, it is important to consult with a lawyer to understand your legal rights and options.
