Bill for quick prosecution in cheque bounce cases passed by Lok Sabha
Updated : July 23, 2018 08:29 PM IST
The Negotiable Instruments (Amendment) Bill, which was passed by a voice vote, provides for allowing a court trying a cheque bounce offence to direct the drawer to pay interim compensation to the complainant.
Earlier while moving the bill for passage, Minister of State for Finance Shiv Pratap Shukla said it will bring down litigation and provide credibility to cheques and the banking system.
The bill, which amends the 1881 Negotiable Instruments Act, says if the drawer is acquitted, the court may direct the payee to repay the amount paid as interim compensation with interest.
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