When someone writes a bad cheque for Rs. 10,00,000/- or any other amount, they usually don’t realize that they need to take action right away. They might think that they will just pay the bill later, or that they will figure something out when they get paid again. But in reality, they should contact the bank immediately to stop payment on the cheque or else face cheque bounce case.
Know the Rules.
If you write a bad cheque, you could face serious consequences. You could even go to jail. So before you write a bad cheque for any reason, make sure you understand the rules. Find out whether you’re allowed to write cheques at all. Cheque with your bank to see if there’s anything special about your account. And find out what happens if you bounce a cheque.
Don’t Panic.
A bounced cheque isn’t as big a deal as you might think. In fact, it’s not uncommon for people to bounce cheques every once in awhile. However, bouncing a cheque can cause serious financial damage. That’s why it’s important to learn how to avoid writing bad cheques in the first place.
Contact the Bank.
If you write a bad cheque, contact the bank immediately. Tell them what happened and ask them to stop payment on the cheque. You’ll need to provide proof that the cheque was written by you.
Know the Basics of Cheque Bounce Case.
Once you’ve stopped payment on the cheque, the bearer needs to send an official notice to the person who wrote the cheque. This notice tells the person that the cheque has been returned unpaid and asks them to pay back the full amount within 30 days. If the person fails to pay back the full balance, the bearer can file a case for cheque bounce under section 138 of Negotiable Instruments Act.
Understand the Cheque Writing Process.
A bounced cheque is when a customer’s account goes into overdraft status because they haven’t paid their bill. It happens when a business sends a cheque to a customer and the cheque bounces. In order to stop the cheque from bouncing, the bank must charge the customer’s account before sending out the cheque again.
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To more about the complete process of a cheque bounce case and Indian Law