a) The cheque has to be presented to the bank within a period of six months from the date of the cheque and within the period of its validity, whichever is earlier as per Sec. 138 proviso (a) of Negotiable Instruments Act. However, The Reserve Bank of India vide Notification No, DBOD.AML BC.No.47/14.01.001/2011-12 has made the period of validity of a cheque for three months. Hence, the cheque has to be presented within three months from the date of cheque.
b) As per section 138 the cheque holder / payee or holders have to give notice in writing to the drawer of cheque within 30 days from the dishonour of cheque information received from the bank.
c) If the drawer of the cheque fails to make the payment as per demand of notice within 15 days from the receipt of the notice in that case the complaint has to be filed within one month. The expiry of 15 days is the cause of action which enables the complainant to file complaint in the court.
d) The complaint can be filed within one month from the date of cause of action. The section 142 prescribed the outer limit to file complaint in the court.
The law is discuss in the following judgments
Saketh India Ltd. v. Indian Securities Ltd.:, In this case Supreme Court held that for computing time, the rule is to exclude the first day and to include the last, and the period of one month will be reckoned from the day immediately following the day on which the period of 15 days from the date of receipt of notice by the drawer expires. The 15th day is to be excluded for counting the period of one month. As per Sec. 3 (35) of the General Clauses Act a month means only a period of 30 days.
In Econ Antri Ltd. v. Rom Industries reported in AIR 2013 SC 3283 the Supreme Court affirmed the judgment in Saketh India Ltd. (supra) by holding that for the purpose of calculating the period of one month which is prescribed under Section 142(b) of the N.I. Act, the period has to be reckoned by excluding the date on which the cause of action arose.
For computing the period of limitation, one has to consider the date of filing of the complaint or initiation of criminal proceedings and not the date of taking cognizance by the Magistrate.