Bizmen too slam move on cheque bounce offence

Ludhiana: After the jewellers fraternity opposed the proposal by the finance ministry to decriminalise cheque bounce offence, now several business associations have slammed the proposal.
According to businessmen, payment by cheques, both current and post dated, is one of the most prevalent mode of business transactions and if it is decriminalised, then no one will have fear of law and mischievous elements will deliberately default on their payments and genuine businessmen will suffer.
According to Narinder Bhamra, president of the Fasteners Manufacturers Association, said, “It is really unfortunate that such a proposal of decriminalising cheque bounce cases is even being thought of. If this offence is decriminalised, then there will be no fear of law among mischievous elements. Government should give a serious thought to the consequences and study the ground realities first before making any such move. In case the government goes ahead with it, then it will have to face resistance from the business community.”
Rajeev Jain, general secretary of Federation of Industrial and Commercial Organisations, said, “The provision was incorporated in the Negotiable Instrument Act with the objective to defeat the criminal objectives of the persons who intend to swallow the hard-earned money of the investors and entrepreneurs. But if the cheque bounce offence is decriminalised, genuine businessmen will suffer a big blow.”
According to Atul Saggar, general secretary of Apparel Manufacturers Association of Ludhiana, “Decriminalising cheque bounce offence will have very serious consequences and we will see huge defaults on the commitments made by buyers to sellers.”