cheque Bounce what is 30-15-30.
In the context of the Negotiable Instruments Act, 1881 (NI Act), 30-15-30 refers to the timeline for issuing and resolving notices in cheque bounce cases under Section 138. Here's the breakdown: 1. 30 Days: The payee (the person in whose favor the cheque is issued) must issue a demand notice to the drawer (the person who issued the cheque) within 30 days from the date of receiving information about the dishonor of the cheque from the bank. 2. 15 Days: The drawer is given 15 days from the receipt of the demand notice to make the payment and settle the amount due. 3. 30 Days: If the drawer fails to make the payment within 15 days, the payee has 30 days to file a complaint before the appropriate magistrate. This timeline ensures that the procedure for initiating legal action is time-bound and follows due process under the NI Act. The timeline under Section 138 of the Negotiable Instruments Act, 1881 (NI Act) can be elaborated to emphasize the importance of mandatory steps ...