Cheque Bounce and Loan Defaults – Take Good Measures to Protect Yourself
Consequences of Cheque Bounce in Case of Loan Default: An Indian Perspective Cheque bounce is a serious offense in India, and it can have severe consequences for the borrower, especially if it happens in the case of a loan default. In this article, we will discuss the legal and financial implications of a bounced cheque, […]
What to Do If a Cheque Bounces?
One of the frequent financial offences that can place the issuer in legal problems and harm their credit is a bounced check. There are a lot of court cases in India that include check bounce offences that are still unresolved. A check bounces if the issuer writes a poor check, whether for technical reasons such […]
How to write a Safe Cheque?
One of the most common ways to pay money is through a cheque. Writing a cheque is really easy, but you must be careful. A mistake while writing a cheque, can prove very costly and cost you a lot of money. 1. Use ‘A/C Payee’ instead of ‘OR BEARER’ Cutting the words ‘Or Bearer’ and […]
Things to know about Bank Cheque
Cheques are the backbone of the banking industry and are still a very important negotiable instrument in the country. Reserve Bank of India (RBI) report says India’s cheque volumes declined only by 10.8% between 2012 and 2017, though the apex bank does expect the volumes to go down drastically by 2021. While traders and small […]
Cheque Truncation System
Cheque Truncation System or CTS is the cheque clearance system introduced by RBI to fasten up the clearing of cheques. In this system, instead of producing the physical cheques to the payee bank, just the electronic image of the cheque along with the MICR code and other cheque credentials are transmitted to the drawee bank […]
Cheque Bounce Notice
Quick check: Getting recovery calls from a loan app? Know what RBI says recovery agents cannot do, and check the lender behind the app in our loan app directory. For example, see MoneyTap / Freo and Chinmay. What is Dishonor/Cheque Bounce? A Dishonored Cheque is cheque that the bank on which is drawn declines to […]