Bouncing of cheques has become an offense What is the punishment for the same ........

Indian Economy (Easy) Money and banking

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Bouncing of cheques has become an offense. What is the punishment for the same:

6 monthsimprisonment

1 yearimprisonment

2 yearsimprisonment

6 monthsimprisonment

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Explanation:

According to Section 138 of the Act, the dishonour of cheque is a criminal offence and is punishable by imprisonment up to two years or with monetary penalty or with both. If payee decides to proceed legally, then the drawer should be given a chance of repaying the cheque amount immediately.