NI Act Sec 138, Bouncing of Non-MICR Cheque and under certificate of posting
NI Act, Section 138 - Bouncing of Non-MICR Cheques, Notice Under Certificate of Posting will be punishable ? Case Title: Md. Nasim Ansari v. State of Jharkhand The Jharkhand High Court last week made some pertinent observations regarding the essentials required for prosecution under Section 138 of the Negotiable Instruments Act, 1881 (Act) for the bouncing of non-MICR (Magnetic Ink Character Recognition) cheques. The Court also issued directions on what would constitute a valid mode of service for the dispatch of a demand notice. Justice Anubha Rawat Choudhary was adjudicating upon a criminal revision petition against the impugned order of the Sessions Court wherein the conviction of the petitioner under Section 138 of the Act was upheld and payment of compensation amounting to Rs. 80,000. In the instant case, the cheques of the petitioner were presented for collection before...