New Cheque Bounce Rules: There May Be a Significant Change in the Rules of Cheque Bounce; Know New Rules As Soon as Possible
Cheque Bounce New Rules: When you open a bank account, you get a lot of benefits. Aside from Debit Card, Credit Card, and Cheque Book, many other features are included. This is important information for anyone who uses Chequebook to make payments. Money transfer via cheque book has become very common. This is why the number of cases of cheque bounce is increasing all the time. In such a case, the Central Government can make significant changes to the law in order to reduce the rising number of cases of cheque bounce.
These suggestions for changing the rules of cheque bounce were received.
According to media reports, the new Cheque bounce law may be implemented soon. In this regard, the government has also formed an expert committee. Several recommendations have been made to the government by this committee. A high-level meeting was also recently organised by the Finance Ministry.
Many suggestions for changing the Cheque bounce laws have been received during this time. Following consideration of these recommendations, the government may implement it as a new Cheque bounce law.
These steps are being considered by the Finance Ministry.
If there is insufficient balance in the account of the Cheque issuing customers, the Finance Ministry can take strict measures such as deducting money from other bank accounts under the Cheque bounce rule. You should have enough money in your bank account now that you’re paying with a check. If this does not occur, you may face severe legal consequences (Cheque Bounce penalty).
Along with this, many other steps are being considered, including prohibiting the Cheque issuer from opening new bank accounts in such cases.
Let us tell you that if the government accepts the expert committee’s recommendations, the Cheque bounce rules may undergo significant changes. So allow us to tell you about it…
If a cheque is returned, payment will be made from another bank account.
The most significant change in the new rules is that if you issue a payment cheque and there is no money in your bank account, money will be deducted from your other bank account for payment.
Until now, even if there is no money in the bank account, if you pay by cheque, the cheque bounces immediately. This rule will now reduce the number of cheque bounces.
Opening new bank accounts will also be prohibited.
However, if your Cheque bounces following the implementation of the new rule, you will be unable to open a new bank account. A cheque bounce can also be interpreted as a loan default. This is why you will be unable to open an account with any other bank. Not only that, but it will also have an impact on your CIBIL score, and if you want to take out a bank loan in the future, you may face a number of difficulties.
Will the Cheque Bounce Penalty be changed?
However, there is no way to change the new rules regarding the Cheque bounce penalty. There is currently a provision for punishment in the Cheque bounce rules. In the event of a cheque bounce, if a case is filed against the issuer of the cheque, a fine (Cheque Bounce Charges) can be imposed. In such a case, the issuer of the Cheque may be required to pay the other party twice the amount of the Cheque payment. In addition, a two-year prison sentence is possible.
