498a victim (Manager) 10 February 2016
Dear Experts,
Bouncing of cheque for insufficient funds may invite criminal proceedings under NI act 138. If an ECS given in favour of a bank for loan instalment is bounced for insufficient funds, can it also be considered at par with bouncing of cheque for criminal proceedings.I mean to clarify if issuing of cheque and giving mandate for ECS is at par for criminal proceedings.
Augustine Chatterjee,New Delhi (Advocate & Solicitor at Law) 10 February 2016
Yes as long as there is a legally recoverable liability, proceedings are made out against the drawer
C.V.Kansara (member) 11 February 2016
Agree with Mr. Chatterji.
Senthil Kumar L (Advocate) 11 February 2016
Under THE PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007 you are liable and you can be prosecuted.
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