- विज्ञापन -
New Delhi: From April 1, 2025, the Government of India has introduced major amendments to the Negotiable Instruments Act, 1881 aimed at addressing cheque bounce cases more seriously. These new provisions seek to bring transparency and reliability to financial transactions, while also ensuring speedy justice in cheque bounce-related complaints.
Key Highlights of the New Rules:
Stricter Punishment
If someone deliberately bounces a cheque, they can now face up to 2 years in jail a fine twice the cheque amount or both. This is a tougher penalty than before.
Extended Deadline for Filing Complaints
Previously, the time limit to file a complaint was just 1 month. It has now been extended to 3 months, giving victims more time to present their case.
Online Complaint Facility
People can now file cheque bounce complaints online via digital platforms. Courts will also accept digital evidence, including emails and bank statements.
Transparent Notification System
In case of a cheque bounce, the bank must notify both parties —the issuer and the receiver within 24 hours via SMS and email, clearly stating the reason for the bounce.
Uniform Rules for All Banks
These rules will be uniformly applied across all banks ensuring fairness in how cheque bounce cases are handled regardless of the bank.
Account May Be Frozen After Three Bounces
If a bank account bounces cheques three times in a row, the bank may temporarily freeze that account. This is intended to promote discipline in the payment system.
