Cheque bounce Rules Change: In today’s time, bank transactions are common. Most of the people take the help of Cheque book for payment of money. This is one of the oldest methods of payment and it is also considered very safe.
You also get to hear the news of Cheque bounce in between. In view of the increasing cases, it is expected that the government can soon tighten the reins and change the rules related to it.
Expert committee has been formed , the government is working fast to bring new rules related to Cheque bounce. For this, the government has formed an expert committee of the Supreme Court, which suggests rules related to it. Apart from this, the Finance Ministry also held a high-level meeting some time ago for the new rules.
Money will be deducted from another account
If the account holder does not have enough money in his account and still he issues a cheque, then in this situation the incident of Cheque bounce comes to the fore. In such a situation, new rules can be implemented to prevent this, under which the Finance Ministry can deduct money from other bank accounts of the account holder if there is not enough balance in the account. Along with this, taking strict steps, there is also talk of imposing penalty in the form of legal action.
Will not be able to open another account
If a person’s Cheque bounces after the implementation of new rules of Cheque bounce, then after that he will not be able to open any other bank account. The government is hopeful that with the introduction of this rule, a reduction in the bounce rate can be seen.
Will not be able to take any loan
With the new Cheque bounce rules, there can also be a problem in taking a loan because the Cheque bounce can be shown as a loan default. If this happens, the CIBIL score of the defaulter may deteriorate and there may be problems in getting loans in future.