Friday, November 15, 2013

Relaxation in cheque bouncing cases

The stringent provisions in the Negotiable Instruments Act providing punishment for issuing cheques without sufficient funds in the bank is not a means of seeking retribution, but is more a means to ensure payment of money. The threat of jail is only a mode to ensure recovery, the Supreme Court stated last week in its judgment, Somnath Sarkar vs Utpal Basu.

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