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NEWS
Sanctions for the Issuance of Dud Cheques
Banks, Specialised Deposit-Taking Institutions (SDIs) and the Public are reminded that under section 313(A) of the Criminal Offences Act, 1960 (Act 29) as amended, it is an offence punishable by a fine and/or imprisonment of up to five (5) years for any person to issue a dud cheque[1].
[1] For the purposes of this notice, a dud cheque is a cheque drawn on a bank or SDI by a customer for which there are inadequate or insufficient funds in the account of the customer to pay the amount specified on the cheque within the normal course of banking business.