Cheque Bounce Case Process: PHDCCI: The industry body said that in the case of Cheque bounce, the withdrawal of the check issuer from the bank should be suspended for a few days.
Cheque Bounce Case Process: Industry body PHDCCI has suggested the Finance Ministry to take strict steps in Cheque bounce case. The industry body said that in the case of Cheque bounce, the withdrawal of the check issuer from the bank should be suspended for a few days. PHDCCI said that the government should bring such a law, under which the matter should be resolved through mediation between the two parties within 90 days from the date of non-payment of the check.
Creates mistrust between buyer and seller
In a recent letter to Sanjay Malhotra, Secretary, Department of Financial Services, the PHD Chamber of Commerce and Industry (PHDCCI) said that the industry has raised the issue of Cheque bounce. Saurabh Sanyal, General Secretary, PHDCCI said, “As the Government of India is focusing on ease of doing business to boost the economy, it is very important to consider the issues related to bounce of Cheques. It creates mistrust between buyer and seller.
First bounced Cheque should be paid
The industry body also suggested that the bank should clear the bounced Cheque within the banking system, if possible, before making any other payment from the Cheque issuer’s account. He said that the case of Cheque bounce is costly for Micro, Small and Medium Enterprises (MSME) because lawyers charge hefty fees for it. According to statistics, at present more than 33 lakh Cheque bounce cases are stuck in legal battle.
