ECS bounce

ECS bounce

I have taken personal loans from 7 banks. my wife is coapplicant. pdcs are signed only by me. now due to severe illness i failed to pay emi. i have requested banks to restructure loan with all my medical documents. they came to my residence visited personally . but no communication from their part in last 1 month. my qs are (1) can they file case for ecs bounce? what will be the procedure and in which jurisdiction it will happen? ecs mandate signed by me only. will my wife will be charged for ecs bounce? (2) can i any way stop my ecs and nach mandate and repay loan by neft ? (3) if banks are not agreeing for restructure what will be my plea? i am willing to pay the amount but require time. should i approach to rbi with medical documents? (4) iin chq bounce case can bank file cases in any state? i am residing in westbengal. what should i do then? should i appear personally in 138 cases?

Asked 1 year ago in Criminal Law from Kolkata, West Bengal

Religion: Hindu

1) Electronic funds transfer is defined in the payment and settlment act as any transfer of funds which is initiated by a person by way of instruction,authorisation or order to a bank to debit or credit an account maintained with that bank through electronic means and includes point of sale transfers,automated teller machine transactions,direct deposits or withdrawal of funds, transfers initiated by telephone, internet and card payment 2) Where an electronic funds transfer initiated by a person from an account maintained by him cannot be executed on the ground that the amount of money standing to the credit of that account is insufficient to honour the transfer instruction or that it exceeds the amount arranged to be paid from that account by an agreement made with a bank,such person shall be deemed to have committed an offence and shalt,without prejudice to any other provisions of this act, be punished with imprisonment for a term which may be extend to two years, or with fine which may extend to twice the amount of the electronic funds transfer, or with both: 3) The provisions of Chapter XVII of the Negotiable instruments Act,1881,shall apply to the dishonour of electronic funds transfer to the extend the circumstances admit. 4) complaint under section 138 Ni would be maintainable . 5) since you have only signed ECS mandate form you woulkd be liable 6) complaint can be filed within jurisdiction of court wherein ecs mandate was given or received 7) complaint cannot be filed in any state