Dishonour of electronic funds transfer for insufficiency of funds in the bank account is also an offence

0 comments Wednesday, September 21, 2011
Reserve Bank of India has issued a clarification regarding dishonour of electronic funds transfer for insufficiency of funds in the bank account.  It has been clarifed that dishonour of electronic funds transfer for insufficiency of funds in the bank account is also an offence u/s 25(5) of Payment and Settlement Systems Act, 2007, punishable  with two years and twice the amount of electronic funds transfer instruction, or both for dishonour of such electronic funds transfer on par with the penalties stipulated for dishounour of cheques under the Negotiable Instruments Act, 1881. 
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