It is unfortunate that the Finance Ministry is mulling over cheque-bounce cases and considering an alternative mechanism before launching prosecution. If the reason for this is due to the large pendency of cases, the remedy is to establish more courts to deal with such cases. Action under Section 138 of the Negotiable Instruments Act has been a real deterrent to persons issuing cheques without any intention to honour them or without adequate balance in their accounts. This action should not be diluted by bringing in a dispute resolution mechanism.
- G.V.Raman, Executive Chairman, Shriram Group Companies (HBL)
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