About this document
Penalties for Cheque Dishonour under NI Act by saif ali is a document available to read on EtoBox.
Section 138-140 of the Negotiable Instruments Act deals with penalties for dishonour of cheques due to insufficient funds. [1] If a cheque is dishonoured due to insufficient funds in the account, the drawer can be imprisoned for up to 2 years and/or fined twice the cheque amount. [2] The cheque must be presented within 3 months and notice served to the drawer within 30 days. [3] The drawer then has 15 days to make the payment before penalties apply.
- Author
- saif ali
- Language
- EN