News
Bouncing cheques will land you in jail
View(s):A person who issues a cheque without sufficient funds in the bank would be liable to a fine and a jail term not exceeding two years under a proposed amendment to be passed in Parliament shortly.
The provisions to impose a fine and a jail term will be applicable if the cheque has been presented within six months, if the payee or holder of the cheque makes a demand for payment in writing from the drawer of the cheque within 90 days of receipt of information about the return of the cheque, and if the drawer fails to make the payment in 90 days.
The law will be applicable for issuing cheques without sufficient funds to honour them and the drawer issuing cheques from a closed account.
The amendments are being introduced to the Exchange Ordinance.
Under the Amendments, the fine to be imposed would be an amount equivalent to the cheque.
Inorder to file action the cheque returned will be considered as evidence.
A senior Justice Ministry official said that the objective of the Amendment is to provide more protection to the banks.
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