Cabinet clears bill for stricter law against cheque bouncing

Prasad said the bill would amend the Negotiable Instrument Act, 1881 to bring "stricter provisions for cheque bouncing and incentive for the payee who suffers".

IANS
New Delhi, Publish Date: Dec 15 2017 11:29PM | Updated Date: Dec 15 2017 11:29PM
Cabinet clears bill for stricter law against cheque bouncingRepresentational Pic

Union Cabinet chaired by Prime Minister Narendra Modi on Friday cleared a bill for imposing stricter provisions for cheque bounce, and incentive for the payee who suffers, Law and Justice Minister Ravi Shankar Prasad said.

Prasad said the bill would amend the Negotiable Instrument Act, 1881 to bring "stricter provisions for cheque bouncing and incentive for the payee who suffers".

The Act defines promissory notes, bills of exchange, cheques and creates penalties for issues such as bouncing of cheques. IANS

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