Cheque Bounce New Rule: Those who transact with cheques should be careful, the government has made a big change in the rules related to cheque bounce
Cheque Bounce New Rule: If you also transact by cheque then you need to be very alert. Actually, let us tell you that to curb the increasing cases of cheque bounce, the government has tightened the rules... along with this, the risk of bank account freezing and going to jail has also increased.
News, Digital Desk- (Cheque Bounce) To curb the increasing cases of cheque bounce, the government has tightened the rules. Now double the penalty can be imposed on cheque bounce, and the risk of bank account being frozen and going to jail has also increased. People who use cheques for payment will now have to be more careful.
What is cheque bounce?
When you give a cheque to someone and you do not have that much money in your account, the cheque gets bounced. This is not just a financial problem, but now it is also considered a legal offence. A cheque bounce can lead to legal action, including fines or even imprisonment.
What are the strictures under the new rules?
The government has taken check bounce seriously and has implemented new rules. Now double the penalty will be imposed on check bounce. For example, a bounced check of ₹50,000 can attract a penalty of up to ₹1 lakh.
If this happens repeatedly, the bank account can be frozen, which will stop the transaction. Banks can also charge an additional penalty of ₹100 to ₹750.
Might as well go to jail...
Digital tracking and faster settlement-
The government has also implemented a digital tracking system so that such cases can be resolved quickly. Now these cases are being heard in fast-track courts, so that decisions can be taken quickly.
Why was this change necessary?
There has been a significant increase in check bounce cases in recent years, affecting the reliability of transactions and increasing the financial burden on businesses and ordinary citizens.
In view of these problems, the government has taken strict measures to control the situation and restore confidence in the financial system. (cheque bounce rules)