Cheque Bunce New Guideline: If you use bank cheque, then you must read this news. In fact, in order to effectively deal with the cases of check bounce, the Finance Ministry is considering several steps like deducting money from another account of the issuer of the check and prohibiting the opening of new accounts in such cases. Is. In view of the increasing cases of check bounce, the ministry had recently convened a high level meeting, in which many such suggestions have been received.
What rules are being considered , in fact, such cases increase the burden on the legal system. Therefore, some such suggestions have been given in which some steps have to be taken before the legal process, such as if there is not enough money in the account of the issuer of the check, then deducting the amount from his other account. Sources said that other suggestions include treating the case of check bounce as a loan default and reporting it to credit information companies so that the marks of the person can be reduced. He said that legal opinion would be taken before accepting these suggestions.
Payer will be compelled to pay the check This will increase the ease of doing business and will also stop the practice of deliberate issuance of checks even if there is not enough money in the account.
Penalty up to twice the amount of the cheque or a jail term of up to 2 years shall be subject
to the Standard Operating Procedure (SOP) and other suggestions for auto-debiting the amount from another account of the issuer of the cheque. A check bounce case can be filed in the court and it is a punishable offense with a fine of twice the amount of the check or a jail term of up to 2 years or both.
Suggestion to make check issuers accountable
Industry body PHD Chamber of Commerce and Industry had recently requested the Finance Ministry to take steps like mandatory suspension of money from the bank for a few days in case of check bounce so that the check Issuers can be made accountable.
