The Government of India has come up with a number of money transacting terms and procedures to eliminate the risk that is involved with different types of transactions that takes place between two or more parties. The Digital India Movement started in 2015 that was brought forward with the intentions of educating the whole of India about the different alternative ways that is used to perform fund transactions using the technological advancements that have been introduced in this fast paced world.
Though there are many reforms currently functioning against the issues related to money transactions, however these are still not able completely whitewash every inch of the problems. In spite of the addition of these new features like online depositing, withdrawals and fund transfer, many people in India still are prefer physically depositing checks into the respective banking institution as a more reliable source of dealing with money. Money is forever encircled with issues like fraudulent activities and check bounce.
What Is Cheque Bounce?
First it is required to educate everyone about cheques. A cheque is a document that is used to order bank to transfer the amount of fund that is mentioned in the cheque to the respective account of the person whose favor the cheque is issued in the cheque ( in case of account transfer) or to provide the person with the amount in cash. The mentioned amount is subsequently deducted from your account.
What is Cheque Bounce and what are its causes?
When an account of the person issuing the cheque has insufficient funds with respect to the amount of cheque issued in the favor of the payee, the payee’s account is forwarded with an electronic message about the situation instead of the amount and the cheque is thus returned. This is called the case of a cheque bounce. If you are a resident of Noida and face such an issue that leads to serious consequences, you might to look for a cheque bounce attorney in Noida.
Reasons behind cheque bounce
Cheque bounce may happen due to insufficient knowledge of the available funds in the account by the account holder. These are the accidental cases in which such thing occurs and can be resolved easily. However there are few other intentional and unintentional activities that build up for its cause:
- Closing of account– many times people try performing fraudulent acts and issue a check of the account that has already been closed.
- Stop payment-stop payment is special request made by the payer in respect to a certain check issued. The bank does not forward such payments.
- Check issues– in the cases if insufficient details provided in the check, or the weary condition of a check, bank might not accept the request to be put forward without consulting with the payer.
How to Resolve a Cheque Bounce?
Top Advocates for Cheque Bounce in Noida are keen to assist you in your cases regarding cheque bounce. They will take you through important procedures in presenting the case in front of the eyes of the law or will follow procedures that resolve the issue using alternative cost effective methods.