New Delhi: If you use a 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 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.
Payers will be compelled to pay the check
If these suggestions are implemented, the payer will be forced to pay the check and there will be no need to take the matter to court. 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 twice the amount of the check or a jail term of up to 2 years
The standard operating procedure (SOP) and other suggestions have to be followed for auto-debiting the amount from another account of the check issuer. A check bounce case can be filed in 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 such as a mandatory moratorium on bank withdrawals for a few days in case of check bounce so that the issuers of cheques can be made accountable.
