Credit card Fraud
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What is Legal Notice?
A legal notice is a formal written communication between the parties where the sender notifies the recipient about his intention of undertaking legal proceedings against the latter. It helps in making the recipient party aware of the grievances of the sender. It is considered to be a warning to the receiver to fulfill a certain condition if he does not want to take the matter to the court. It is a very timely and cost-effective tool for settling matters without any litigation procedure but rather through negotiation, mediation, or arbitration.
Deliverables
There is no separate legislation dealing with credit or debit cards. The Reserve Bank of India being the parent bank at the central level, keeps releasing guidelines to save the interests of both customers and banks. Liability for losses borne after credit card fraud in India is reiterated by the RBI. To curb any such fraud, RBI also promotes preventive measures on the part of the banks to enhance security in online transactions. For those who act dishonestly or fraudulently commit credit card fraud in India, punitive laws exist under the Indian Penal Code (IPC), 1860 as well as the Information Technology (IT) Act, 2000. Punishment for credit card fraud in India ranges from 3 to 7 years of imprisonment and a fine based on the offense committed.
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