Check Bouncing: New rule may come for check bounce, account of those who do this will be suspended

Check Bounce Case Procedure: If you use a check from your bank account in business. If you give or take money payment by check to someone, then you must read this news. Let us tell you that the industry body PHDCCI has demanded from the Union Finance Ministry to take strict steps in the case of check bounce. Also some suggestions are offered. The industry body says that in the case of check bounce, the withdrawal of the check issuer from the bank should be suspended for a few days.

Case will be resolved in 90 days
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.

first bounce payment
As a suggestion, the industry body asked the Finance Ministry that the bank should clear the bounced check within the banking system, if possible, before making any other payment from the check issuer’s account. He said that the case of check bounce is costly for Micro, Small and Medium Enterprises (MSME) because lawyers are charging hefty fees for it. It is known that more than 33 lakh check bounce cases are pending in the court.

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