What will happen if my cheque bounces?

Dishonouring a cheque is a legal offence and if the payee (the one in whose favor the cheque is drawn) files a case you could be punished with imprisonment up to 2 years and/or a fine that could be twice the cheque amount.

The payee can file a case only if he notifies you in writing within 30 days of receiving bank memo about cheque being bounced and you have failed to make payment within 15 days of receiving the notice. So be very careful about signing cheques and putting date.

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