6 Important Facts about Dishonored Cheques

By siliconindia  |  Tuesday, February 2, 2016

Legal Action against the Issuer

If the payee suffers a great loss because of bounced cheque, then the individual can take legal action against the issuer for willingly issuing an instrument without representing valid payment.

If the Issued Cheque is a Gift

Gifts and donations do not fall under the scrutiny of law. So in the case of bounced cheques issued as a gift or donation, there is no valid consideration and no legal recourse is available.

An individual generally writes cheque without being aware of the account balance. Nowadays, banking is very much influenced by technology. So, before writing cheques one can keep a close eye on the bank balance with text messages from bank or by checking online.

Read Also:

6 Steps of Salvation If You're Having a Vacation Hangover

8 Key Takeaways from what RBI Chief said at WEF

Previous

ON THE DECK