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".  

Cabinet clears bill for stricter law against cheque bouncing
Representational Image: Photo: Pixabay

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.

 

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Written By: IANS
Updated: Fri, Dec 15, 2017
08:53 PM IST
New Delhi, IANS
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