A new update has come out regarding check bounce. The Reserve Bank of India (RBI) has given a big update in which this new rule will come into force in April 2025. The purpose of this rule is to increase financial security, besides reducing fraud, to bring transparency in banking transactions.
An important decision has been taken by the RBI. If the check bounces, you may have to pay a heavy fine. Apart from this, some such rules have also been made which are very important to know. Let us tell you in detail about the new rules of check bounce.
Latest update on check bounce
New laws have been made regarding check bounce. Let us tell you that for a long time, check bounce has been a burden on the judicial system of India. Check bounce has been a big problem in which a large part of the cases have been under section 138 of the Negotiable Instruments Act 1881. Due to the move towards digital payment, many times the problem of check bounce also occurs. If a large amount of money has to be transferred through check, then check bounce is a common problem for them, but strict rules have also been made regarding this.
There will be this much penalty on check bounce
Let us tell you that if the amount of your check is up to 10000, then you can get a penalty of up to ₹ 500. Apart from this, if your amount is between 10000 to 100000, then there can be a penalty of ₹ 500 to 750 rupees. Apart from this, if the amount is above one lakh, then you can be fined up to ₹ 1000. Apart from this, many other types of action can also be taken.