Financial Daily from THE HINDU group of publications
Friday, Jan 25, 2002
Financial Daily from THE HINDU group of publications Friday, Jan 25, 2002 |
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Money & Banking
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Policy Bouncing cheques still an offence Our Bureau
NEW DELHI, Jan. 24 PARLIAMENT recently passed the Repealing and Amending Act, 2001, under which the Banking, Public Financial Institutions and Negotiable Instruments Laws (amendment) Act, 1988, was one of the repealed laws. However, the parent Act of 1881, the Negotiable Instruments Act, providing for punishment of one-year imprisonment for bouncing of cheques continues to be in the statute book. Only the 1988 amendment in the principal Act of 1881 has been repealed. According to an official release, it has been brought to the notice of the Government by the Bounced Cheque Victims Grievances Forum that the courts have stopped accepting new complaints on account of repeal of the Banking, Public Financial Institutions and Negotiable Instruments Laws (Amendment) Act, 1988 by the Repealing and Amending Act, 2001.
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