Cheque bounce rules

RC Gayatri (Querist) 06 December 2012 This query is : Resolved
Hi Sir,

I have lended money to a person. I have taken his signature on promisory note and also took a cheque from him. amount is 50,000/-

now I am hearing news that Reserve Bank of India asked all the banks to issue new cheque books to all its customers and all the old cheque books are no more valid.

The person to whom I lended my money is saying that he will return my money by this month end before december 31st.

Now my biggest concern is what if , if that person wont return my money back by this month end ? The cheque given by him wont be valid as per RBI's rules.

Is there any way for me to approach legally if I dont get my money back ?

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ajay sethi (Expert) 06 December 2012
banks will continue to honour old cheques for some time . dont worry . in any case the old cheques are valit till 31st December . eve after said date inorder to have seamless transition banks will honour old cheques issued

Guest (Expert) 06 December 2012
Ask him to issue fresh cheque from a new pattern cheque book in lieu of the old cheque after 31st December 2012. Failing that issue him a legal notice to that effect, so that you can file your case to legally claim your money.

Sailesh Kumar Shah (Expert) 06 December 2012
Rightly advised by Sri PS Dhingra and you should proceed accordingly for your own interest.

Nadeem Qureshi (Expert) 06 December 2012
agree with experts

Raj Kumar Makkad (Expert) 06 December 2012
RBI has already cleared that the cheques already issued by its due holders shall be honoured by banks so there is nothing to worry.

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