A cheque issued to me was returned unpaid
Question:
A customer issued a cheque towards payment of dues, but the bank returned it for insufficient funds. How can I recover the money?
A customer issued a cheque towards payment of dues, but the bank returned it for insufficient funds. How can I recover the money?
Answer:
Preserve the original cheque, bank return memo, invoice, account statement and communications relating to the transaction. A statutory demand notice must be issued within the legally prescribed period from receiving information about dishonour. If payment is not made within the notice period, a cheque dishonour complaint may be filed before the competent court within limitation.
Preserve the original cheque, bank return memo, invoice, account statement and communications relating to the transaction. A statutory demand notice must be issued within the legally prescribed period from receiving information about dishonour. If payment is not made within the notice period, a cheque dishonour complaint may be filed before the competent court within limitation.