What happens if a cheque issued of amt. 10100 by me bounces to repay a loan amt to a lending institution?
1.Your account will be charged “cheque return charges”. 2. This will be reported at Credit Investigation Bureau. 3. This (cibil) will update all banks not to lend you loans / cards until you clear the loan amount. 4. Your returned cheque appears in your bank statement. 5. Your loan lending company to whom you issued cheques, will levy charges for the returned cheque. 6. If you’re working for any National Bank / Financial Institution, you’ll be asked for explaination, some terminate your employment. 7. If a cheque bounces its a non bailable offence. 8. If your banker raised this You might be jailed for 6 months In India. 9. Also you’ll need to pay fine for the offence. 10.Your bank account might get closed. Cheers.
