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A dishonoured cheque (US spelling: dishonored check) is a cheque that the bank on which it is drawn declines to pay (“honour”). There are a number of reasons why a bank might refuse to honour a cheque, with non-sufficient funds ( NSF ) being the most common, indicating that there are insufficient cleared funds in the account on which the ...
In June 2020, the Finance Ministry in the Government of India proposed the decriminalisation of a number of white-collar crimes, including cheque bouncing under Section 138 of the Negotiable Instruments Act, in order to improve the ease of doing business as well as to reduce imprisonment rates.
A check can bounce because “the check is considered ‘stale’ or ‘stale-dated,’ which refers to the check not being cashed within typically six months,” explains Jacob Dayan, a partner ...
With a bounced check, the check is returned to the payee and the transaction does not occur. With an overdraft, the bank pays the check or ACH payment despite your insufficient funds.
Vijay Vittal Mallya (born 18 December 1955) is an Indian fugitive, former businessman, [5] and politician. [6] [7] He is the subject of an extradition effort by the Indian Government to return him from the UK to face charges of financial crimes in India.
The chairman of Vijaya Bank committed suicide following the news about the bank receipt scam. The scam led to the resignation of P. Chidambaram who was accused of owning shell companies connected to Mehta. Mehta was convicted by the Bombay High Court and the Supreme Court of India for his part in the financial scandal valued at ₹49.99 billion ...
Adani Group scandal: In January 2023, Hindenburg Research revealed that it had short positions in India's Adani Group, alleged to be a close ally of Narendra Modi's administration, [97] and flagged debt and accounting concerns. Concurrently, Hindenburg released a report claiming that Indian conglomerate Adani Group "has engaged in a brazen ...
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