Complete study guide with 9 practice questions, detailed explanations, and expert solutions for Dishonour in CA Foundation Business Laws.
Free study material for CA Foundation Business Laws — The Negotiable Instruments Act, 1881
Dishonour of Negotiable Instrument (Sections 92-100): Non-payment/non-acceptance when due. Causes: Insufficient funds, account closed, signature mismatch, post-dated, stale cheque. Notice: Dishonour notice required to hold prior parties liable. Liability: All prior parties liable for dishonour. Section 138 NI Act: Criminal offense for cheque dishonour; 3 months imprisonment/fine. For accountants, dishonour notice procedures critical for debt recovery.
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