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Records said the issuing bank [in Asia] reported to Dubai Court that the cheque was faulty.
In his defence, the accused told the court that he had written a blank cheque and handed it over to his partner so that their business could carry on trading while he was away travelling overseas.
The new system adopts world's best practices in regard to automation of cheques clearance, safety and security measures in accordance with Kuwaiti laws.
The Ordinance was necessitated as a Bill to help litigants in cases of bounced cheque was passed by the Lok Sabha earlier this year but it could not go sail through the Rajya Sabha.
It eliminates the actual cheque movement involved in clearing and hence reduces the delays associated with the movements of cheques.
The first cheque (for pounds 400) was written more than three centuries earlier, in 1659.
ENGLISH-ONLY Downpatrick Santander branch HONOURED Cheque in Irish initially refused
Other areas that will be looked into include the costs and benefits of abolishing cheques, progress on the development of alternatives and the Payment Council's decision to close the cheque guarantee scheme this summer.
The use of cheque guarantees has been declining rapidly in recent years.
com/chequesmanagement and allows to freely manage up to five incoming cheques and up to five outgoing cheques.
It is thought that only a quarter of businesses have accepted a cheque backed by a cheque guarantee card during the past six months.
The only way to pay out to our unbanked members is to issue a cheque with an authority to cash at a specified post office.