Cheque bounce is a critical financial offense that results untoward consequences for the issuer. The consequences may range from penalty by the bank, a black mark on your CIBIL score, and likelihood of facing civil and criminal charges by the other party. In addition to this there is also facing the RBI guidelines, which is the banks can stop providing cheque book facility to the customers identified for repeated cheque bounce as per their norms. If the cheque with a value at Rs 1 Crore bounces at least 4 four times and if in the presence of collateral security in the bank the EMI cheque bounces, the bank possess all rights to issue legal notice or take money from your account as fine. Therefore cheque bounce issue is not to be looked lighter.
We work in the best interest of the clients by educating them about the consequences and limitations involved in such cases and guide them properly in this case.
