New rules for check bounce: Nowadays transactions through checks are very common in banks. Most people resort to check book for payment. This is one of the oldest methods of payment and is also considered quite secure. The check bounces if there is no money in the account. In view of the increasing incidents of check bounce, there are reports that the government may soon tighten the rules related to check bounce and make changes.
The government is working rapidly on bringing new rules related to check bounce. For this, the government has constituted an expert committee of the Supreme Court, which advises on rules in this regard. Apart from this, the Finance Ministry had also held a high level meeting a few days ago regarding the new rules.
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Money will be deducted from another account
If the account holder does not have sufficient funds in his account and still issues a cheque, then a check bounce situation arises. To prevent such situations, new rules can be implemented, under which the Finance Ministry can deduct money from other bank accounts of the account holder if there is not sufficient balance in the account. Apart from this, strict action is also being taken to impose fine as a legal measure.
Will not be able to open any other account
After the implementation of the new check bounce rules, if a person’s check bounces, he will not be able to open any bank account after that. The government hopes that with the implementation of this rule there may be a reduction in the bounce rate.
The new check bounce rules can also create problems in borrowing as check bounce can be shown as loan default. Due to this, the CIBIL score of the account holder may deteriorate and there may be difficulty in getting loan in future.