In the coming days, if your Cheque bounces, then you may have to go through many problems including deducting money from your other account.
New Delhi. If you use bank cheque, then you must read this news. In fact, in order to effectively deal with the cases of cheque bounce, the Finance Ministry is considering several steps like deducting money from another account of the issuer of the Cheque and prohibiting the opening of new accounts in such cases. Is. In view of the increasing cases of cheque 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 cheque, then deducting the amount from his other account. Sources said that other suggestions include treating the case of cheque 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 cheque
If these suggestions are implemented, the payer will be forced to pay the cheque 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 cheques even if there is not enough money in the account.
Penalty twice the amount of the cheque or jail term 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 cheque issuer. A cheque bounce case can be filed in the court and it is a punishable offense with a fine of twice the amount of the cheque or a jail term of up to 2 years or both.
Suggestion to make cheque 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 cheque bounce, so that the issuers of cheques can be made accountable.