What Are The Risk Faced By Defaulters?
What is the risk faced by defaulters?
Free Legal Advice - banking financial
Posted by: Vikas Ahuja
Posted on: 2018-09-19
Along with a prison term or heavy penalty faced by the accused, the bank has the right to stop the cheque book facility and close the account for repeat offenses of bounced cheques. The RBI clearly states that such action can be taken only if the default has taken place at least four times on cheques valued at over Rs 1 crore.
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