Section 138 Cheque Bounce Punishment are mentioned under the negotiable instrument act 1881 (NI Act). This Act is Applicable for the People of Bangladesh. according to this act the person given the cheque which is dishonored for insufficiency of fund with a pre malafide intention shall be punished with an imprisonment for a term. which may be extend to one year, or with fine. and which may extend to thrice of the amount of the cheque. or with both.
Cheque Bounce Reasons:
There is a List Of Reason For Which A Cheque Can Be Dishonored. This Not Mandatory That for being dishonored only insufficient fund is only one reason. there can be more reason without insufficient fund. but according Section 138 Cheque Bounce Punishment for insufficiency of fund the cheque provider will get this punishment.
Other Reason for Cheque Dishonor by the Bank are given below:
- Insufficient Fund.
- Absent of Signature Or If The Signature Not Match.
- Account No is Absent or Not Clearly Mentioned in the Cheque
- If The Amount In Figures And Words Does not Match.
- Overwriting in A Cheque.
- Name of the Payee is Absent or Not Clearly Mentioned.
- Any Alteration Made But Not Proved By the Drawer Signature.
- If The Drawer Closed the Account Before Clearing Cheque.
- Payment Stopped Over Phone