New Delhi, Dec 15 (IANS) 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.
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.
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