Finance Committee submits report to HoR

Kathmandu, Sept 10: Chairperson of Finance Committee, Santosh Chalise, presented the report of the Committee on "Banking Offenses and Punishment (Second Amendment) Bill, 2081' to the House of representatives.     

The bill was passed by the finance committee meeting on Monday with amendments. Among others, the Bill provides for penalty in the form of cash as well as imprison in the case of check dishonor (cheque bounce), ranging from one month imprisonment for default up to Rs.1.5 million to imprisonment for up to two years in case of default above Rs.100 million. It will also be a case where the government is the petitioner.     

The bill was tabled at the lower house after being endorsed by the Council of Ministers as the draft Bill designed to amend the Banking Offenses and Punishment Act, 2064, before going to the Committee for clause-wise deliberations.     

 The government prepared this bill based on the suggestion that the Banking Offenses and Punishment Act should be amended based on recommendations from a study carried out by the Office of the Attorney General office and an order of the Supreme Court requiring uniformity on the different types of legal remedies in the case of check dishonor.(RSS)