Government is going to change the rules of Cheque Bounce : Government is going to change the rules of Cheque bounce, know how much relief will be given.The central government may soon remove cheque bounce from the category of crime. The Department of Financial Services under the Ministry of Finance has written to the Cabinet Secretariat in this regard asking them to do so.
Central Government may soon remove cheque bounce from the category of crime. The Department of Financial Services under the Ministry of Finance has written to the Cabinet Secretariat in this regard asking them to do so. However, this exemption will be given only temporarily, because the corona virus has affected the business and employment of many people.
According to the exclusive information received by our affiliate channel Zee Business , in order to give relief to the people in the Corona crisis, the government is preparing to remove cases like Czech or Emi Bounce from the category of crime. This means that now there will be no jail sentence if the cheque or installment bounces. The government has proposed to remove from the list the mild offenses under 19 laws including check bounce, non-payment of loan installment.
Government is going to change the Rules of Cheque Bounce
There can be changes in these laws as well, the government has already received suggestions for changes in some laws. These include Insurance Law, NABARD Act, State Financial Corporation Act, Credit Information Companies (Regulation) Act and Factoring Regulation Act. Experts say that there are many rules in these laws, in which even small violations have been considered a crime.
Finance minister Nirmala Sitharaman had told about it last month. He had said that the law related to business will be changed for Ease of Doing Business. The government has already taken such steps under the Companies Act as well. Many violations have also been removed from the crime under company law.
Finance Ministry says that this will increase business and people will not have to face unwanted problems. According to the proposal, this is a step taken by the government under the objective of Sabka Saath, Sabka Vikas and Sabka Faith.
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