Tuesday, 9 March 2010

Five people imprisoned for bouncing cheques

Daily News story here.

A few selected quotes:
"He [Assistant Finance minister, Mr Charles Tibone] said since the promulgation of the act, the number of dishonoured cheques due to lack of funds as at last December is P200 000 or an average of 40 000 cheques per annum."
"However, he noted, between 2008 and 2009 there were 736 cases which were reported to the police countrywide by commercial banks in which cheques were dishonored for insufficient funds.
Of the offenders reported to the police, many pleaded guilty and were fined P200 and paid the bounced cheques by other means.
In addition, said minister, commercial banks impose a deterrent fee ranging from P192 to P275 per cheque referred to drawer for lack of funds.
Between 2008 and 2009 there were five people imprisoned as a result of failure to pay penalty fee."

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