What legal options do I have if a cheque I deposited has bounced?

You can send a legal notice to the issuer stating that, within 30 days of receiving the notice from the bank regarding the bounced cheque, if the issuer does not pay you, you reserve the right to file a complaint under Section 138 of the Negotiable Instruments Act, 1881, which carries with it the punishment of imprisonment for the issuer together with a fine.