Breaking News: In case of cheque bounce, money will be deducted from other account latest news update 2022
Latest News Update On 10 October 2022: The Finance Ministry is preparing to take strict steps to deal with the cases of cheque bounce. In such cases the money will be deducted from the other account of the cheque issuer. Also, he can be banned from opening a new account. The Ministry has received many such suggestions, which are being considered for implementation.
The ministry had recently convened a meeting on cheque bounce cases, in which many such suggestions have been received. Such cases increase the burden on the legal system, so some suggestions have been given in which some steps have to be taken before the legal process. For example, if there is not enough money in the account of the issuer of the check, then the amount is deducted from his other accounts.
Sources said other suggestions include treating the case of cheque bounce as a loan default & reporting it to credit information companies so that the marks of the individual can be reduced. He said that legal opinion would be taken before accepting these recommendations. If these recommendations are implemented, the payer will be forced to pay the cheque and there will be no need to take the matter to court.
Existing Rules
A case of bounce of cheque can be filed in the court & it is a punishable offense with fine which may extend to twice the amount of the cheque, or confinement up to 2 years, or with both.
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