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Section 138 in The Negotiable Instruments Act, 1881. 138. Dishonour of cheque for insufficiency, etc., of funds in the account.—. (b) the payee or the holder in due course of the cheque, as the case may be, makes a demand for the payment of the said amount of money by giving a notice in writing, to the drawer of the cheque, [within thirty ...
Jun 21, 2021 · Section 138 of the NI Act is a penal provision that deals with the punishment of dishonour of cheque. Dishonour of cheque is not an offence in itself but to become an offence, the following ingredients should be there:
The Act has been extended to Goa, Daman and Diu with modifications, by Reg. 12 of 1962, s. 3 and Sch., extended to and brought into force in Dadra and Nagar Haveli by Reg. 6 of 1963, s. 2 and Sch. I (w.e.f. 1-7-1965), to the Union territory of
Mar 11, 2023 · Section 138 of Negotiable Instruments Act, 1881 [‘NI Act'] provides for criminal provision regarding a cheque bounced due to insufficiency of funds. When a cheque bounces due to insufficiency of funds in the drawer's amount, it is punishable under Section 138 of the NI Act.
Feb 6, 2023 · All the above-mentioned essentials are mandatory to be fulfilled to invoke Section 138. A person culpable under Section 138 of the Act can be made liable for a punishment that may extend up to 2 years of imprisonment or a fine that may extend up to twice the amount of the cheque in dispute, or both.
The Negotiable Instruments Act, 1881. Long Title: An Act to define and amend the law relating to Promissory Notes, Bills of Exchange and Cheques. Ministry: Ministry of Finance. Department: Department of Financial Services. Enforcement Date: 01-03-1882.
Nov 1, 2021 · Section 138 of the NI Act protects the payee from the illegal part of the drawer. It criminalises the dishonour of cheques in cases such as the amount of cheque is more than the fund in the account or exceeds the amount agreed with the bank.
Section 138 of the Act. The preliminary report submitted by the learned Amici Curiae shows that as on 31.12.2019, the total number of criminal cases pending was 2.31 crores, out of which 35.16 lakh pertained to Section 138 of the Act. The reasons for the backlog of cases, according to the learned Amici Curiae,
Aug 23, 2020 · Section 138 of the Act formulates a statutory wrong concerning the matter of disgrace oriented cheques based on the grounds of insufficiency of available funds in the account of the person that has been maintained with the concerning banks.
11 hours ago · The Karnataka High Court has held that a legal notice regarding dishonour of cheque under Section 138 of the Negotiable Instruments Act if sent by registered post to the address of the accused ...
