more-inAs the government pushes for a cashless economy, legislative steps are under way to fortify other instruments of financial transactions, including cheques. This law was enacted to define and amend the law relating to promissory notes, bills of exchange, and cheques. “This is because of delay tactics of unscrupulous drawers of dishonoured cheques due to easy filing of appeals and obtaining stay on proceedings,” the statement says. This delay has slowly eroded the faith of the traders in the use of cheques, it reasons. The proposed amendments will strengthen the credibility of cheques.

Source: The Hindu January 04, 2018 18:45 UTC