July 23, 2018
Saugata Roy speaks on The Negotiable Instruments (Amendment) Bill, 2017
Sir, I only moved one Amendment, not all the three, because this is (being taken up for consideration) clause by clause.
Sir, this (Bill) is introducing a new concept – he concept of interim compensation and then if the cheque is ultimately honoured then the money will be refunded to the person.
What is the compensation? It shall not exceed 20 percent of the amount of the cheque. I have proposed that it should be 25 percent. Also it is said that the drawer, within such period, the compensation shall be paid within 60 days from the date of the order. I have proposed that not 60 days, it should be 45 days and within further period should not exceed 30 days. I have proposed it should be 20 days.
I will just say only one thing. Cheque disordering is a big problem and the Minister has brought a bill to stop this practise and to be fair to people whose cheques are being dishonoured. As a matter of principle, I have nothing to speak, only I want to say that the banking system is in doldrums in this country. The total NPA is amounting to Rs 9 lakh crore and the Reserve bank of India has ordered prompt corrective action. Many banks are being prevented from giving loans. You would be surprised that a bank like Dena Bank, has been asked not to lend any loan money.