Free Legal Advice - banking financial
Posted by: Satvik Singh
Posted on: 2018-09-19
In order to prevent issuance of a cheque without sufficient funds in the bank, by an amendment of the negotiable instuments Act, section 138 to 142 have been inserted, and there exists criminal liability on the drawer of the cheque. A complaint is to be filed before a court not below the rank of a judicial magistrate of the first class. If the drawer doesn’t make a payment within 15 days, the complaint can be filed within one month after the expiry of the 15 days period.
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