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Modi's Next Move: Strict Laws for Cheque Bounce!
By: Tupaki Desk | 25 Dec 2016 6:12 AM GMT
In a move to assure people that cashless transactions are safe & secure, Union Government is mulling to introduce stringent laws to deal with cheque bouncing. Defaulters could face a harsh punishment in cheque bounce cases if this proposal receives cabinet nod.
Prior to the budget session in February 2017, Centre will come up with the proposal to amend law pertaining to cheque bouncing. Subsequently, The Bill will be tabled in Parliament for approval in the upcoming budget session itself.
As of now, Defaulter could be booked under Section 138 of the Negotiable Instruments (Amendment) Act, 1881. Jail Term could be up to 2 years or a penalty twice the amount of the cheque. Around 18 lakh cheque bounce cases are pending in the Indian courts right now.
If the bill is amendment, Then defaulter can be sent behind the bars even before the final verdict of the court.
Prior to the budget session in February 2017, Centre will come up with the proposal to amend law pertaining to cheque bouncing. Subsequently, The Bill will be tabled in Parliament for approval in the upcoming budget session itself.
As of now, Defaulter could be booked under Section 138 of the Negotiable Instruments (Amendment) Act, 1881. Jail Term could be up to 2 years or a penalty twice the amount of the cheque. Around 18 lakh cheque bounce cases are pending in the Indian courts right now.
If the bill is amendment, Then defaulter can be sent behind the bars even before the final verdict of the court.
