Offence of dishonour shall be punishable with -

With imprisonment for a term which may extend to one year, or with fine which may extend to Rs. 5,00,000 or with both.

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With imprisonment for a term which may extend to three years, or with fine which may extend to twice the amount of the cheque, or with both.

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With imprisonment for a term which may extend to two years, or with fine which may extend to twice the amount of the cheque, or with both.

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With imprisonment for a term which may extend to five year, or with fine which may extend to Rs. 10,00,000 or with both.

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Solution

The correct option is B With imprisonment for a term which may extend to two years, or with fine which may extend to twice the amount of the cheque, or with both.
Section 138 of the NI Act, 1881 deals with penalties for dishonour of cheques. 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 shall be punished with imprisonment for a term which may be extended to two years, or with fine which may extend to twice the amount of the cheque, or with both.

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