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It is not transaction of loan, if the amount is to be repaid the moment it is paid to borrower.
So, the court held that such a situation is not hit by S.138 of the Act .
Such a blank cheque doesn’t constitute a cheque and thus S. Now, in Warma case, blank post-dated cheques were issued prior to disbursement of loan as a collateral security for loan which was sanctioned.
With specific regard to bouncing of post-dated cheques, yet another case has created flutters among the legal circuit very recently, i.e. Shri Rajendra Bhagchand Warma (herein after called the ‘Warma case’).
Since it could not be sufficiently proved whether the concerned amount that was put on the cheque had become due or not, an adverse inference was drawn by the trial court against the appellant and thus, it exonerated the respondent from the purview of S.138.
This was a strong basis for the trial court to acquit the respondent and I think that this was the primary reasoning of the High Court in this case for acquitting the respondent.
CURRENT DEBATE ON BOUNCING OF POST-DATED CHEQUES The provision regarding bouncing of cheques is provided in S.
138 of the Act which says:- Where any cheque drawn by a person on an account maintained by him with a banker for payment of any amount of money to another person from out of that account for the discharge, in whole or in part, of any debt or other liability, is returned by the bank unpaid, either because of the amount of money standing to the credit of that account is insufficient to honour the cheque or that it exceeds the amount arranged to be paid from that account by an agreement made with that bank, such person shall be deemed to have committed an offence and….
20,000/- from him and had issued a post-dated cheque for Rs.22,000/- for the due discharge of the said liability (including interest).