The cyberbanking anatomy of cheques (e-cheques) and the arrangement of cheque truncation are accustomed in best of the countries in the world. E-cheques and the arrangement of cheque truncation accept been alien to abate the concrete movement of cheques and ensure safe and defended payments. These processes are augury of replacing paper-based cheques. In aboriginal 1980, Denmark and Sweden alien the complete arrangement of cheque truncation. Besides, to enhance ability and to abstain delay, banks in the United States (US) and the United Kingdom (UK) alien cyberbanking processing of cheques, authoritative it accidental for cheques to be physically transported to and presented for acquittal to the drawee bank.
In the UK, area 74B of the Bills of Barter Act 1882, which has been amid in the statute in 1996, permits a coffer to present cheque to the drawee coffer for acquittal by advice it of the capital appearance of the cheque electronically or contrarily instead of presenting it physically. It needs to be mentioned that the Bill of Barter Act of the UK does not use the appellation ‘truncated’. On the added hand, the United States Congress allowable the Check 21 Act in 2003 to acquiesce truncated cheques by the about-face of an aboriginal paper-cheque into an cyberbanking angel for presentation through the allowance process.
The aegis of the cyberbanking transaction arrangement has acquired prime accent with the appearance of technology and the agenda era. No doubt, the cyberbanking sectors are accouterment casework faster than anytime before. To board added customer-friendly account in the aggressive market, some bounded banks are planning to acquaint e-cheques and truncated cheques.
In Bangladesh, the alone approved law apropos cheques is the Negotiable Instrument Act 1881 (NI Act). Area 6 of NI Act defines that a cheque is a bill of barter fatigued on a defined broker and not bidding to be payable contrarily than on demand. Unfortunately, there is no accouterment in the NI Act which can ascertain e-cheques or truncated cheques. Best of the banks accept automatic agenda systems with adapted accessories and are accessible to arise the e-cheque system, but our acknowledged arrangement is not accessible to accept the new adaptation of cheques. In case any coffer uses e-cheques or truncated cheques, it will actualize a catechism of acknowledged adjustment of such cheques.
Our neighbouring country India has already included two avant-garde definitions of cheques in their Negotiable Instrument Act. Article (a) of Explanation 1 to area 6 of the Negotiable Instrument Act of India defines ‘cheque in cyberbanking form’ (e-cheque), and article (b) defines ‘truncated cheque’. India has adapted the all-important accoutrement of the Negotiable Instrument Act to board new requirements and behavior apropos the avant-garde adaptation of cheques. The amendments done by India in their NI Act in account of the analogue of ‘cheque’ accept opened up avenues for basic new methods of processing paper-based acquittal instruments. Contemporaneous alteration to the Advice Technology Act 2000 of India, authoritative it applicative to NI Act, has conferred acknowledged cachet to the convenance of cyberbanking acquittal systems in the cyberbanking area of India.
The cold of imaging, angel exchange, and the manual of cyberbanking advice amid and amid cyberbanking sectors is to advance the capability of cheque allowance in Bangladesh. There is no agnosticism that the claim for e-cheques and truncated cheques accept added afterwards the enactment of abettor cyberbanking in our country. In the ambience of Bangladesh, NI Act, Advice and Communication Technology Act 2006 and Bankers’ Book Evidence Act 1891 are commutual in the area of banking. It is adverse that the alone analogue of cheque provided in the NI Act includes alone paper-based cheques.
Now, if our government shows their ambition to accommodate the avant-garde analogue of cheques in the absolute Acts of the cyberbanking sector, again all the laws accompanying to cyberbanking should charge to be adapted accordingly. To animate agenda and avant-garde cyberbanking systems, Bangladesh Government should alter the absolute acts, rules, procedures, guidelines, and operating directives so that they can abundantly administer paper-based acquittal items and added instruments that are acceptable for truncation and cyberbanking cheque angel presentment.
The biographer is an Associate Lawyer of Corporate & Commercial Practice, Rahman & Rabbi Legal.
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