Cheque bouncing cases affected by Supreme Court ruling get processed in fast manner
Author(s): PD SharmaAuthor. Ludhiana:Punjab’s Industry overwhelmingly sent goods outside the state. Payments are usually received through the cheques. Cheque bouncing has become prevalent and ubiquitous to the disadvantage of the right...
cityairnews
Jun 23, 2015 12:30
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Author.
Ludhiana:Punjab’s Industry overwhelmingly sent goods outside the state. Payments are usually received through the cheques. Cheque bouncing has become prevalent and ubiquitous to the disadvantage of the right thinking persons.
Last year Supreme Court judgement disturbed the apple cart mainly of the business community.
In the modern systems banks operation have undergone great change. Earlier cheques physically traveled from the bank branch where it is presented to the drawee bank branch. In such cases the dishonour of cheque happens at the place where drawee bank branch is located. This gave much advantage to those who commit cheque bouncing crime. The law has to be on the side of the person who is suffering.
Accordingly government has promulgated ordinance that all cheque bouncing cases can be filed only in a court within whose local jurisdiction the bank branch of the payee is situated and where the payee presents the cheque for payment.
This ordinance has retrospective effect. Apart from industry banks and Non Banking Finance Companies (N.B.F.C’s) has a lot of stake of loosing heavy amounts.
Courts are urged to have the cheque bouncing cases affected by the Supreme Court ruling get processed in a fast manner.
*The Author is President, Apex Chamber of Commerce and Industry (Punjab).
Date:
Tuesday, June 23, 2015
