Bounced check is a serious problem in South Asian countries and many companies suffer from it. Now, Nepalese government has come forward to address this issue. Under the new system, if a company issues checks without enough money in their account then that organization will be blacklisted. Being blacklisted is a very bad thing for any company especially when it comes to banking. That will seriously destroy the reputation of a company and that is why most companies will want to avoid it. Thus the number of bounced checks will decrease significantly. However, after a check is bounced a week time will be given to resolve the matter between the two sides and if it is not resolves then the issuing organization will be blacklisted. Fair enough! Don't you think so?
I just wish that other countries of South Asia take similar steps to eliminate bounced checks.
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