Cheque Dishonored: Account Closed Equals Insufficient Funds u/s 138 of the Negotiable Instruments Act. Penalties Apply.

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....Dishonor of Cheque - Account closed - When the cheque is returned by a bank with an endorsement account closed, it would amount to returning the cheque unpaid because the amount of money standing to the credit of that account is insufficient to honour the cheque as envisaged in Section 138 of the Act. - HC....