Check Bounce Finance Ministry Rules: The central government is planning to deal strictly with the check bounce cases. Let us tell you that the Finance Ministry is contemplating to bring in many strict rules like deducting money from other accounts of the check issuer and prohibiting opening of new accounts in such cases.
Ministry called meeting
Recently, the Finance Ministry had called a high-level meeting in view of the increasing cases of check bounce. Many such suggestions have been received. Such cases are increasing the burden on the legal system. There are some such suggestions in which some steps have been discussed before taking the legal process. Also, if there is not enough money in the account of the issuer of the check, then the rule of deducting the amount from his other accounts can come.
legal opinion consideration
According to sources, other suggestions include treating the case of check bounce as a loan default and reporting it to loan information companies, so that the marks of the person can be reduced. Legal opinion will be taken before accepting these suggestions.
The circulation of checks will be banned
Let us tell you that if these suggestions are implemented, then the payer will be forced to pay the check and there will be no need to take the matter to the 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. Standard Operating Procedure and other suggestions have to be followed to automatically deduct the amount from the other account of the check issuer. A case of bounced check can be filed in the court and is a punishable offense with a fine which may extend to twice the amount of the check or with imprisonment of either description for a term which may extend to two years, or with both.
Case will be resolved in 90 days
Industry Association of PHD Chamber of Commerce and Industry (PHDCCI) had recently requested the Finance Ministry to take steps like mandatory moratorium on withdrawal of money from the bank for a few days in case of check bounce, so that the issuers of checks are made accountable. can go PHDCCI says that the central government should bring such a law, under which the matter will be resolved through mediation between the two parties within 90 days from the date of non-payment of the check.
letter to finance secretary
Let us tell you that the PHD Chamber of Commerce and Industry (PHDCCI) has written a letter to Sanjay Malhotra, Secretary, Central Financial Services Department. In this letter, the industry has taken up the issue of check bounce seriously. PHDCCI Secretary General Saurabh Sanyal says that the Indian government is focusing on ease of doing business to boost the economy, so it is very important to consider the issues related to the bounce of checks. This creates mistrust between buyer and seller.
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