In his reply to questions posed by members during the debate on the negotiable instruments amendment bill, Minister of State for Finance Jayant Sinha said there were about 18.27 lakh cases pending in district and subordinate courts associated with bounced cheques.
In addition, there were 38,379 cases in the high courts, he said.
“This has impacted how the market economy and how the commerce are working,” he said.
Sinha said the bill has profound significance for the functioning of the market economy.
He said the bill’s provisions will enable trials to come to a speedy conclusion by trying the cases in the jurisdiction where the payee is.
The Negotiable Instruments (Amendment) Bill, 2015, seeks to replace an ordinance.
The Lok Sabha also passed the Repealing and Amending (Fourth) Bill, 2015 which seeks to repeal 295 obsolete laws.