Cheque Bounce Rule: Government is bringing this new rule regarding Cheque bounce, money will have to be paid in any case, discussion with RBI

Cheque Bounce Rule: There are many cases of Cheque bounce in the country, but till now no result has been found in these cases. But now the government is preparing to bring new rules regarding check bounce. Due to which now if someone’s check has bounced, not only will legal action be taken against him, but the money will also be recovered from the person’s other account.

There are many cases of Cheque bounce in the country, but till now no result has been found in these cases. Now the government is preparing a new plan for these matters. If someone’s check has bounced, not only will legal action be taken against him, but the money will be recovered from the person’s other account.

According to information received from sources, the government has made complete preparations in collaboration with RBI and can implement the new system soon. Recovery of money from another account simply means that the Cheque holder will have to repay the money under any circumstances. There may also be punishment.

Loan default rules will be applicable –

CNBC report says that after this process is developed, the credit score of the company or person whose Cheque bounces will also deteriorate. Apart from this, loan default rules will also be applicable for these cases. This will reduce the cases of Cheque bounce and people will refrain from bouncing their own cheques.

Rules discussed in the meeting –

RBI and the government have held a meeting regarding this rule only last week. Regarding this rule, it was said that with its introduction, no new account will be opened if the Cheque bounces. Besides, money will also be recovered from other accounts.

How many years of punishment is there for Cheque bounce?

In case of Cheque bounce, there is a provision of punishment of 2 years and it can be changed in the future. According to PTI, a Supreme Court panel had also suggested some changes in the Negotiable Instruments Act, 1881. Let us tell you that under the Negotiable Instruments Act, 1881 (NI Act), there is a provision for punishment for Cheque bounce.