Remember the 30-15-30 cycle. In a cheque bounce case, the bank issues a memo to the payee citing the reason of dishonour of cheque. The payee may send a legal notice under section 138 of the Negotiable Instruments Act, 1881 demanding the amount of money given on the cheque within 15 days of the receipt of the notice. If the drawer refuses to pay the said amount and unnecessarily keeps on bargain for time, the payee without any further delay can prosecute the drawer within 30 days from the date of refusal, and the date of refusal shall be duly calculated keeping in mind the given 15 days’ notice.
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