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Expressing "serious concern" over <keyword id="19902052" type="General" weightage="20" keywordseo="pendency" source="keywords">pendency</keyword> of a large number of <keyword id="22472776" type="General" weightage="100" keywordseo="cheque-bounce-cases" source="keywords">cheque bounce cases</keyword>, the <keyword id="19895345" type="General" weightage="20" keywordseo="Supreme-Court" source="keywords" meta.keywordsubtype="org" meta.entityname="Supreme Court" meta.hostid="261" meta.entityid="Supreme Court">Supreme Court</keyword> has said courts should encourage <keyword id="20151747" type="General" weightage="20" keywordseo="compounding" source="keywords">compounding</keyword> of offences under the <keyword id="20905075" type="General" weightage="20" keywordseo="Negotiable-Instruments-Act" source="keywords">Negotiable Instruments Act</keyword> if parties are willing to reach a compromise. A bench of Justices Sudhanshu Dhulia and Ahsanuddin Amanullah set aside the conviction of a man named P Kumarasamy in a cheque bounce case, after noting that the parties have entered into a <keyword id="21163406" type="General" weightage="20" keywordseo="settlement-agreement" source="keywords">settlement agreement</keyword> and Rs 5.25 lakh has been paid to the complainant. "A large number of cases involving dishonour of cheques are pending before courts which is a serious concern for our judicial system. Keeping in mind that the 'compensatory aspect' of remedy shall have priority over the 'punitive aspect', courts should encourage compounding of offences under the NI Act if parties are willing to do so," the bench said in its July 11 order. The Negotiable Instruments Act governs all negotiable instruments like promissory notes, bills of exchange, and cheques. Compoundable offences are those where a compromise can be reached by the rival parties. The bench said it has to be remembered that dishonour of cheques is a <keyword id="22472777" type="General" weightage="20" keywordseo="regulatory-offence" source="keywords">regulatory offence</keyword> which was made an offence only in view of public interest so that the reliability of these instruments can be ensured. "Considering the totality of the circumstances and compromise between the parties, we allow this appeal and acquit the appellants by setting aside the impugned order dated April 1, 2019 as well the trial court's order dated October 16, 2012. Appellant no.2 (P Kumarasamy), who was exempted from surrendering by this Court, need not surrender and his sureties are hereby discharged," the bench ordered. The bench noted that in 2006, P Kumarasamy alias Ganesh had borrowed Rs 5,25,000 from respondent A Subramaniam but did not repay the loan. To discharge the debt, the bench said, Kumarasamy gave a cheque for Rs 5.25 lakh in the name of his partnership firm M/s New Win Export. "Since the cheque was dishonoured due to insufficient funds, respondent filed a complaint under Section 138 NI Act against the appellants where the trial court vide order dated October 16, 2012 convicted the appellants and imposed a sentence of one year of simple imprisonment each," it said. It noted Kumarasamy challenged the conviction before the appellate court, which reversed the findings of the trial court and acquitted him and the firm. "Finally, when the matter was taken to the high court at the instance of the respondent/complainant, the high court in its order dated April 1, 2019 set aside the order of the appellate court and restored the order of the trial court, convicting the appellants," the bench noted. It noted the firm and Kumarsamy challenged the high court order before the apex court. The bench added that Section 147 of the Negotiable Instruments Act, 1881 makes all offences under it compoundable. "In our opinion, this settlement agreement can be treated to be compounding of the offence. All the same, Section 320 (5) of CrPC provides that if compounding has to be done after conviction, then it can only be done with the leave of the court where appeal against such conviction is pending," it said. The bench said in cases where the accused relies upon some document for compounding the offence at the appellate stage, courts shall try to check the veracity of such documents. "For the same, in the present matter, this court vide order dated March 18, 2024 had asked the respondent-complainant to file an affidavit to bring on record whether or not any compromise has been reached between the parties," it said. The bench said an affidavit was filed by the complainant in compliance with the order where it was said that the accused have paid the amount to the satisfaction of the complainant, and that he has no objection if conviction of the appellants is set aside. "Now, when the accused and complainant have reached a settlement permissible by law and this court has also satisfied itself regarding the genuineness of the settlement, we think that the conviction of the appellants would not serve any purpose and thus, it is required to be set aside," it said.

Pendency of large number of cheque bounce cases a serious concern: SC

<ul><li>The Supreme Court constituted a committee to find ways to reduce <keyword id="54420" type="General" weightage="20" keywordseo="cheque-bounce" source="Orion">cheque bounce</keyword> cases. </li><li>The government received suggestions that include debiting other accounts of the cheque issuer to recover money. </li><li>Another suggestion says that the offender could also be prevented from opening other accounts. </li></ul><keyword id="449192" type="General" weightage="20" keywordseo="cheque-bouncing" source="Orion">Cheque bouncing</keyword> could soon invite harsher punishments like debiting money from other accounts held by the issuer — if the government acts on the many suggestions it received to curtail this practice. Cheque bouncing is so common in India that the legal system is burdened with millions of such cases. While cheque bouncing is already a punishable offense, the government is looking to reduce these very incidences by nipping them in the bud. The Supreme Court had <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/sc-sets-up-committee-seeks-report-on-steps-to-be-taken-for-early-disposal-of-cheque-bounce-cases/articleshow/81430236.cms">constituted</a> a committee in 2021 to reduce these cases that are slowing down the country’s judicial system. Among the many recommendations received by the government are — setting up a standard operating procedure (SOP) for auto debit in case of a bounce. The government has also invited other suggestions to deal with the cheque bounce menace. <cmsannotation type="cmsannotation" annotationid="Increased ‘account’ability" comment="subhead" text="Increased ‘account’ability">Increased ‘account’ability</cmsannotation> Key amongst the suggestions received by the finance ministry include debiting the said bounced amount from other accounts of the cheque issuer – if they hold multiple accounts. The issuer could also be prevented from withdrawing money until the dues are fully recovered. Apart from this, the government could also treat a bounced cheque as a case of loan default. This would have the dual impact of not only hurting the issuer’s credit score, but also informs lenders about the issuer’s bad financial practices. These measures are aimed at preventing people from issuing <keyword id="6402933" type="General" weightage="20" keywordseo="cheques" source="Orion">cheques</keyword> to discharge their payment liabilities, without having sufficient funds in their accounts. This reflects in the number of pending cases of cheque bounce in the legal system – as of May this year, there were over 3.3 million such cases, down from 3.8 million in 2008. A suggestion by industry body PHDCCI is to prevent cheque issuers from withdrawing funds from their accounts for a few days after issuing a cheque. However, this would also impact the vast majority of people who issue cheques with sufficient or surplus funds in their accounts. <cmsannotation type="cmsannotation" annotationid="How are cheque bounce cases treated currently?" comment="subhead" text="How are cheque bounce cases treated currently?">How are cheque bounce cases treated currently?</cmsannotation> At the moment, cheque bounce cases are treated just like any other banking transaction. A cheque bouncing due to insufficient funds is not treated as a loan default. This information is not shared with the credit information bureaus, so there is no impact on the issuer’s credit score. In terms of penalties, too, it varies from bank to bank, and the type of account of the issuer. The fines range from ₹50 to ₹750 per incident. Under the <keyword id="6558804" type="General" weightage="20" keywordseo="Negotiable-Instruments-Act" source="Orion">Negotiable Instruments Act</keyword>, 1881, a cheque bounce is treated as a criminal offence, punishable with a fine of two times the amount of cheque issued, or imprisonment up to two years, or both. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/paytm-reports-an-increase-of-over-21-in-average-loan-ticket-size/articleshow/94753614.cms">Paytm reports an increase of over 21% in average loan ticket size</a> <a href="https://www.businessinsider.in/business/telecom/news/telecom-sector-to-ring-in-stability-in-q2-jio-and-airtel-expected-to-grow-stronger-vi-weaker/articleshow/94709309.cms">Telecom sector to ring in stability in Q2 – Jio and Airtel expected to grow stronger, Vi weaker</a> <a href="https://www.businessinsider.in/finance/banks/news/banks-to-reap-rewards-of-interest-rate-hikes-in-q2-earnings/articleshow/94706875.cms">Banks to reap rewards of interest rate hikes in Q2 earnings</a>

Beware of bouncing cheques, harsher punishments may be afoot

New Delhi, Mar 7 () With over 35 lakh cheque bounce cases pending in district courts, the Supreme Court has decided to evolve a "concerted" and "coordinated" mechanism for expeditious disposal of such cases.The apex court has registered a suo motu case (on its own) in this regard and sought responses from the Centre and other stakeholders, including the Reserve Bank of India.A bench of Chief Justice S A Bobde and Justice L N Rao, which passed the order while dealing with a plea related to dishonour of two cheques in January 2005, noted that a dispute of this nature has remained pending for 15 years in various courts and taken judicial time."Despite many changes brought through legislative amendments and various decisions of this court mandating speedy trial and disposal of these cases, the trial courts are filled with a large number of pendency of these cases," the bench said in its March 5 order."A recent study of the pending cases, reflects pendency of more than 35 lakh, which constitutes more than 15 percent of the total criminal cases pending in district courts. Further, there is a steady increase in the docket burden," the bench said.The top court has issued notices to the Centre, registrar general of all high courts, director general of police of all states and union territories, member secretary of the National Legal Services Authority, RBI and Indian Bank Association, Mumbai, and asked them to file their response on the issue."These are some indicative aspects in addition to what may come on board after hearing the relevant duty-holders. To work out mechanism for expeditious and just adjudication of cases relating to dishonour of cheques, fulfilling the mandate of law and reduce high pendency, various duty-holders like banks, police and legal services authorities may be required to take measures and prepare schemes," the bench said."Thus, we find it necessary to hear them for evolving a concerted, coordinated mechanism for expeditious adjudication of these cases as per the legal mandate," it said.The bench, which appointed senior lawyer Siddharth Luthra and advocate K Parameshwar as amicus curiae to assist it in the matter, has listed the case for hearing on April 16.The bench noted that dishonour of cheque was criminalised in 1988 and the legislative intent was to "ensure faith in the efficacy of banking operations and credibility in transacting business on cheques.""It was to provide a strong criminal remedy in order to deter the high incidence of dishonour of cheques and ensure compensation to the complainant," the bench said, adding, "Subsequent amendments in the Act (Negotiable Instrument Act) and the pronouncements of this court reflect that it was always perceived that these cases would be disposed speedily so as to preserve the object of criminalisation of the act."The bench noted that as per the legal mandate, endeavour must be made to conclude the trial in cheque bounce case within six months from the date of filing of complaint."One of the major factors for high pendency is delay in ensuring the presence of the accused before the court for trial. As per recent study, more than half of the pending cases, i.e. more than 18 lakh cases, are pending due to absence of accused," the bench said.It said a mechanism may be developed to ensure the presence of the accused even by way of coercive measure, if required, including attachment of property.It observed that banks, being an important stakeholders in cheque bounce cases, have the responsibility of providing requisite details and facilitate an expeditious trial."The Reserve Bank of India, being the regulatory body, may also evolve guidelines for banks to facilitate requisite information for the trial of these cases and such other matters as may be required. A separate software-based mechanism may be developed to track and ensure the service of process on the accused in cases relating to an offence under Section 138 of NI Act," it said."With ensuring the credibility of cheques, it is equally important that cheques are not allowed to be misused giving cause to frivolous litigation. The Reserve Bank of India may consider developing a new proforma of cheques so as to include the purpose of payment, along with other information mentioned above to facilitate adjudication of real issues," it said.The top court also said there is a need of developing a mechanism for pre-litigation settlement in cheque bounce cases and National Legal Services Authority may evolve a scheme for settlement of dispute at pre-litigation stage. ABA SJK ABHABH

SC to evolve mechanism for expeditious disposal of cheque bounce cases

New Delhi, May 6 () Taking note of difficulties faced by lawyers and litigants during nation-wide lockdown due to COVID-19, the Supreme Court on Wednesday extended the period of limitation prescribed under laws for initiating arbitral proceedings and the cheque bounce cases with effect from March 15 till further orders.The Arbitration and Conciliation Act, 1996 and the Negotiable Instruments Act, 1881 provide fixed time periods to litigants to initiate arbitral proceedings and cheque dishonour cases. They become time-barred if filed after the statutory periods. The top court on March 23 had invoked its plenary powers under Article 142 of the Constitution to extend limitation period of appeals from high courts or tribunals on account of coronavirus (COVID-19) pandemic and on Wednesday extended the same relief to lawyers and litigants for arbitral proceedings and cheque bounce cases."In view of this Court's earlier order dated March 23 passed in Suo Motu Writ Petition …and taking into consideration the effect of the Corona Virus (COVID 19) and resultant difficulties being faced by the lawyers and litigants and with a view to obviate such difficulties and to ensure that lawyers/litigants do not have to come physically to file such proceedings in respective Courts/Tribunal across the country including this court, it is hereby ordered that all periods of limitation prescribed under the Arbitration and Conciliation Act, 1996 and under section 138 of the Negotiable Instruments Act 1881 shall be extended with effect from March 15, till further orders to be passed by this court in the present proceedings," a bench headed by Chief Justice S A Bobde said in the order."In case the limitation period has expired after March 15 then the period from March 15, till the date on which the lockdown is lifted in the jurisdictional area where the dispute lies or where the cause of action arises shall be extended for a period of 15 days after the lifting of lockdown," said the bench which also comprised justices Deepak Gupta and Hrishikesh Roy.In the proceedings held through video conferencing, the top court also issued to notice to the Centre, represented by Attorney General K K Venugopal and Solicitor General Tushar Mehta, on the plea that such a relief from filing cases within a particular statutory time period be extended to all legal proceedings.The bench said that it would like to give such a reliefs but there cannot a "blanket order" and sought views of the Centre on it.Earlier, the apex court had taken suo-motu (on its own) cognizance of the problems faced by lawyers and litigants due to the pandemic in filing appeals from high courts or tribunals within fixed time and had extended that time by invoking its plenary powers under the Constitution."We are exercising this power under Article 142 read with Article 141 of the Constitution of India and declare that this order is a binding order within the meaning of Article 141 on all Courts/Tribunals and authorities," it had said.The top court had said that its order may be brought to the notice of all high courts for being communicated to all subordinate Courts/Tribunals within their respective jurisdiction. SJK ABA MNL RKS RKSRKS

COVID-19:SC extends time for filing arbitral proceedings, cheque bounce cases from Mar 15

A bill that provides for trial in <a href="http://www.businessinsider.in/searchresult.cms?query=cheque+bounce">cheque bounce</a> cases at the place where the cheque was submitted and not the place of issue was introduced in the <a href="http://www.businessinsider.in/searchresult.cms?query=Lok+Sabha">Lok Sabha</a> today. This could help solve the problem of millions suffering from jurisdictional issues. 
 
The Negotiable Instruments (Amendment) Bill, 2015 was introduced by the Finance Minister <a href="http://www.businessinsider.in/searchresult.cms?query=Arun+Jaitley">Arun Jaitley</a> and is looking to replace an older ordinance passed last month. The last ordinance could not be passed in the <a href="http://www.businessinsider.in/searchresult.cms?query=Rajya+Sabha">Rajya Sabha</a> during the Budget session. 
 
The amendment rules that cases of bouncing of cheques can be filed only in a <a href="http://www.businessinsider.in/searchresult.cms?query=court">court</a> in whose jurisdiction the bank branch of the payee is placed in. If a complaint against a person issuing a cheque has been filed in the court with the relevant jurisdiction, all subsequent complaints against that person will be filed in the same court. 
 
Image credit: Indiatimes

New
Cheque Bounce Bill introduced in Lok Sabha

New Delhi, Jul 10 () The Supreme Court on Friday decided to use technology more in judicial proceedings keeping in mind the prevailing COVID-19 situation and directed that now court summons and notices can be served on persons through "emails, fax and instant messaging applications" like 'WhatsApp'. The top court had earlier taken suo motu (on its own) cognizance of the difficulties faced by lawyers and litigants during lockdown due to COVID-19 and had decided to extend the period of limitation prescribed under laws for initiating arbitral proceedings and the cheque bounce cases with effect from March 15 till further orders. A bench comprising Chief Justice S A Bobde and Justices R Subhash Reddy and A S Bopanna passed the order on the plea filed by Attorney General K K Venugopal in the case. "For services of notices and summons, pleadings it has been seen that it was not possible during lockdown to visits postal offices…we direct that such service (of notices and summons) may be done by email, fax, or through an instant messenger service," the bench said and refrained from using the name of 'WhatsApp' in the order. It referred to the example of 'Xerox' and said that the name of the company has been used to convey the meaning of 'photostate'. The top court allayed the apprehension of Venugopal that he was "not comfortable" with the service of summons and notices through WhatsApp as it has been a "completely encrypted platform". It said that the "blue tick" feature of the messaging application can be used to prove the service of the court's notices under the Evidence Act and if the application is deactivated then it cannot be proven and hence such services can be used. On the extension of limitation period for filing of cheque dishonor cases under section 138 of the Negotiable Instruments Act , the apex court Friday said that it will not intervene into this and the time period can be extended by the RBI only. "Under Section 35A of the Banking Regulation Act, we don't consider it appropriate to interfere in the deadline prescribed by RBI. If RBI considers to extend, then they can do it." The apex court then allowed the modification plea and said the 12 months-time period under the law to complete arbitral proceedings be allowed to remain in force. The bench then dealt with a provision related to the functioning of Commercial Courts and said that the limitation period fixed for mediation will be extended by 45 days after lifting of the lockdown. The apex court took note of the submission of senior advocate Shyam Divan that the lifting of lockdown was a vague term and even after its lifting, certain areas are still declared containment zones having the earlier problems. The apex court said that it was a valuable suggestion and it would like to deal with the term "lifting of lockdown". Earlier, it had extended the period of limitation prescribed under laws for initiating arbitral proceedings and the cheque bounce cases with effect from March 15 till further orders. The Arbitration and Conciliation Act, 1996 and the Negotiable Instruments Act, 1881 provide fixed time periods to litigants to initiate arbitral proceedings and cheque dishonour cases. They become time-barred if filed after the statutory periods. Prior to this, the top court on March 23 had invoked its plenary powers under Article 142 of the Constitution to extend limitation period of appeals from high courts or tribunals on account of coronavirus (COVID-19) pandemic. SJK ABA MNL ABA RKS RKS

SC allows email, fax, instant messaging apps like 'WhatsApp' for service of notices, summons

Bilaspur, Jul 11 () In an effort to settle pending cases by following precautionary measures amid the COVID-19 pandemic, an e-Lok Adalat is being organised in Chhattisgarh on Saturday, where hearings will be conducted virtually, an official said. As per a government release, this is the first time in the country that Lok Adalat is being held through video conferencing. Over 3,000 cases will be taken up for hearing in over 200 benches of various districts, including the high court in Bilaspur on Saturday, said Justice Prashant Kumar Mishra, the executive chairman of Chhattisgarh State Legal Services Authority. "The e-Lok Adalat will be inaugurated by Chhattisgarh High Court Chief Justice P R Ramchandra Menon at 10.30 am in the video-conferencing room of the high court and the programme will also be live streamed," Justice Mishra said in the statement. The COVID-19 outbreak has severely hit the functioning of judiciary in the state because of which lawyers and affected parties were also facing financial crisis, he said. The move to hold Lok Adalat on a digital platform will bring relief to lawyers and aggrieved parties, he added. Family disputes, accident claims and cheque bounce cases that can be settled through mutual consent are often resolved by Lok Adalat, he said. All district courts and tehsil courts along with the high court will be part of the e-Lok Adalat, Justice Mishra said. If parties and lawyers have difficulty in connecting through video conferencing, they can also present their case via WhatsApp video calls, he said. "If this experiment is successful, it will be continued further," Justice Mishra added. COR TKP ARU ARU

COVID-19: C'garh to hold e-Lok Adalat via video conferencing

<ul><li>Investors are celebrating a surprise 15% growth in the latest quarterly and upgrade in future earnings estimates.</li><li>The stock is at a one-year high but still nearly 20% below the peak in 2018, the year Rajan Nanda, the company's Chairman for nearly two tough decades, passed away.</li><li>A new book called '<keyword id="6204401" type="UNKNOWN" weightage="20" keywordseo="Back-from-the-brink">Back From The Brink</keyword>' charts the company's slide into 'coma' and 'the claw back' of Escorts.</li></ul>The share price of Escorts surged nearly 7% on Thursday (January 30) as investors cheered a surprise 7% growth in the company’s quarterly profit. Brokerages lauded the performance of the company ⁠— which is the world’s largest Pick `n` Carry Hydraulic Mobile Crane manufacturer⁠— and raised the estimates for future earnings growth. The stock has doubled in the last three years but it is still 20% below the peak it hit in 2018. This was before Rajan Nanda ⁠— the company’s Chairman for nearly two long and strenuous decades⁠— passed away. This, despite the company clocking a spectacular 40% growth in profit in the last financial year ending March 2019. 
 
 
 
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 However, the improving prospects of the company, known for its tractors in India, may be the result of a long, focussed effort in reimagining the 76-year old conglomerate in the 21st century under the leadership of Rajan’s son Nikhil Nanda. 
 
 
 
 <div type="image" title="Nanda family" msid="73791780" hostid="261" caption="&amp;lt;p&amp;gt;(Clockwise from left) Rajan Nanda, Nitasha Nanda, Nikhil Nanda, Shweta Bachchan Nanda, Ritu Nanda and Reema Jain at the legendary actor and filmmaker Raj Kapoor&amp;#8217;s birthday celebrated by his children &amp;#8211; Rishi Kapoor, Randhir Kapoor, Rajiv Kapoor, Ritu Nanda and Reema Jain in Delhi. Photo: Samik Sen from 2017&amp;lt;/p&amp;gt;"></div>









 A new book called ‘Back From the Brink’, written by Seetha and Sharad Gupta and published by Harper Business documents Escorts’ ‘claw back’ after ‘sliding into coma’. The group’s foray into telecom and healthcare had dragged it into debt. A young Nikhil Nanda from Wharton joined his father’s company, Rajan Nanda was restructuring it. 
 
 
 
 <div type="image" title="Back from the brink" msid="73791865" hostid="261" caption="&amp;lt;p&amp;gt;A new book called &amp;#8216;Back From the Brink&amp;#8217;, written by Seetha and Sharad Gupta and published by Harper Business documents Escorts&amp;#8217; &amp;#8216;claw back&amp;#8217; after &amp;#8216;sliding into coma&amp;#8217;. &amp;lt;/p&amp;gt;"></div>









 But by the time Nikhil took over as the chairman, he was left with mounds of debt, now, four struggling businesses, and the trust he lost with banks. So much so that bankers refused to pay attention to his presentation. And, one of them even offered to “to cut him a cheque to walk out gracefully”. His family’s reputation has taken a beating at multiple levels. His wife Shweta Bacchan Nanda once overheard a banker friend’s remark, ‘How can Nikhil and Shweta come to our homes and socialise with us, when his company owes us money?” In times of despair, Nikhil reminded himself that his family has always risen from the ashes. His maternal grandfather H P Nanda brought it back to life twice after Partition, and another hostile takeover by NRI Swraj Paul. 
 
 
 
 <div type="image" title="swraj paul" msid="73791919" hostid="261" caption="&amp;lt;p&amp;gt;Escorts Chairman Nikhil Nanda&amp;#39;s maternal grandfather H P had to fend off a hostile takeover attempt by NRI industriialist Swraj Paul (in the picture above).&amp;lt;/p&amp;gt;"></div>









 It was time for Nikhil to take drastic action - the first was the sale of telecom, IT and hospital businesses. But the bigger problem was lack of communication between businesses and rampant financial indiscipline. With his father’s approval, he grilled the chief executive of a small but bleeding business and when he received vague responses, fired him. That had sent the much needed shockwaves through the company. The last six years Nikhil also helped set-up audit committees across businesses that improved scrutiny which gave the management a better picture of businesses. Yet, the much needed stability was yet to come in as a flurry of CFOs came and left the company. That is when he decided to promote in-house talent and brought Rohtash Mal as the ED and CEO, who was then heading the tractor business. Mal had to deal with daily walk-ins of supplier complaints, dealers and bankers and they included cases of cheque bouncing. The employees were scared and official politics had taken a vicious turn. And Mal was unearthing shocking discoveries like empty liquor bottles on the shop floor. The very next day, he handed a senior executive in the manufacturing department two letters - an unsigned resignation letter and a termination letter. Nikhil did not intervene with his decision. Slowly but steadily Nikhil regained control over the financial and the management, by screwing the cap on costs; convincing bankers to extend credit lines and more importantly refusing the airbrushed versions presented of the businesses. Today, apart from bankers, brokerages too put their trust into the company in spite of the effects of the slowdown eating into the business. Cut to 2020 In the last few years, the company’s market worth has gone from ₹6,000 crore to ₹10,000 crore. Nearly 30% of the jump has come in 2020 itself as investors saw structural changes take effect in the company’s financial performance. “Escorts’ third quarter performance is a reflection of stability in volumes, benefit of mix improvement and cost savings, all of which should sustain in the coming quarters. According to management, FY21 outlook has turned positive with estimated low single-digit growth,” said a research report by Motilal Oswal adding that the stock may gain as much as another 9% in the next 12 months. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/bucking-the-slowdown-dominos-operator-jubilant-fevicol-maker-pidilite-and-pesticide-maker-rallis/articleshow/73761693.cms?src=hp_latest" data-type="tilCustomLink" target="_blank">Bucking the slowdown — Dominos operator Jubilant, Fevicol maker Pidilite, and pesticide maker Rallis</a> <a href="https://www.businessinsider.in/exclusive-tcs-ceo-shares-his-hopes-and-fears-from-the-budget-2020/articleshow/73753459.cms" data-type="tilCustomLink" target="_blank">Exclusive: TCS CEO shares his hopes and fears from the budget 2020</a> <a href="https://www.businessinsider.in/business/corporates/news/wipro-ceo-abidali-neemuchwala-resigns-board-starts-search-for-successor/articleshow/73789746.cms" data-type="tilCustomLink" target="_blank">Wipro CEO Abidali Neemuchwala resigns, board starts search for successor</a>

The inside story of how Escorts turned around to become a nearly ₹10,000-crore company

As parliament’s Winter Session will convene on November 26, the Prime Minister-led NDA government is confident of passage of crucial bills, including the <keyword id="387846" type="UNKNOWN" weightage="20" keywordseo="GST-Bill">GST bill</keyword>, which is pending in the Rajya Sabha. 
 India’s <keyword id="3148309" type="UNKNOWN" weightage="20" keywordseo="Parliamentary-Affairs-Minister-Venkaiah-Naidu">Parliamentary Affairs Minister Venkaiah Naidu</keyword> expressed confidence about Opposition's support for the GST bill. Naidu said he was in touch with members of some Opposition parties and would consider their suggestions too. 
 
Meanwhile, Modi has also called for BJP's parliamentary party's executive committee to zero on the strategy. 
 
Apart from the crucial GST bill, the Modi government will also take up three ordinance-related bills, including Negotiable Instruments (Amendment) Bill, 2015, dealing with cheque bounce cases, and the Commercial Division and Commercial Appellate Division of High Courts and Commercial Bill. 
 
(Image: Indiatimes)

The GST will be a reality by January, that’s what the Parliamentary Affairs Minister believes

The lure of a <keyword id="6368202" type="ORGANIZATION" weightage="20" keywordseo="Credit-card">credit card</keyword> is hard to keep away from, especially when a sales representative from a bank or a retail outlet makes a convincing pitch about you getting a “free” credit card. But did you know that the credit card you are being promised is anything but free? 
 
What sales representatives of credit cards do not tell you is that there are a whole host of charges that are applicable to them. Here are the various charges on credit card, you should know about before you agree to apply for one. 
 
The annual maintenance <keyword id="6356431" type="UNKNOWN" weightage="20" keywordseo="Fee">fee</keyword> When you are told you are being given a <keyword id="2769122" type="UNKNOWN" weightage="20" keywordseo="free-credit-card">free credit card</keyword>, it probably means that the joining fee and the annual fee has been waived off for a maximum period of one year from the date of issuance, but after this initial period the annual maintenance fee is applicable to your card. This could range between Rs 1,500-3,000 in a year. 
 
Interest costs If you do not pay the whole of the outstanding amount within the due date stipulated by the bank each month, an interest rate on the expenses incurred on your card is charged at the rate of 3% per month. While this may not seem exorbitant to you, what sales representatives do not tell you upfront is that the monthly interest rate is annualized to arrive at an annualized percentage rate (<keyword id="1755739" type="ORGANIZATION" weightage="20" keywordseo="APR">APR</keyword>) which can be as high as 36-38%. 
 
Overseas transaction cost 
Your bank will also charge you for every overseas transaction you make. This is usually 3.5% of the overseas transaction and is converted to INR depending upon the exchange rate on the day you make the transaction. 
 
Cash withdrawal on credit card The transaction charges on cash withdrawal are as high as 2.5% of the cash advance. Over and above this you need to pay an interest on the cash right from day one, and this <keyword id="888190" type="UNKNOWN" weightage="20" keywordseo="interest-cost">interest cost</keyword> ranges from 24-46% per annum. 
 
Cost for crossing card limit 
Even if you cross your credit card limit by Rs 1, you bank will charge you a minimum over limit fee of Rs 500 or 2.5% of the over limit amount, whichever is higher. 
 
Late payment fee 
The Reserve Bank of India has recently come out with the diktat that banks must revisit the late payment charges on overdue amounts on credit cards. While this may relieve the burden of the card user by a tad, penalties are still applicable. Therefore, if you turn delinquent and do not pay your minimum amount due for more than 90 days you will be charged a late fee by your bank. For amounts between Rs 500 to Rs 20,000 the amount will be in the range of Rs 100-600 while for amounts over Rs 20,000 the amount will be in the range of Rs 700-800. 
 
A duplicate statement fee 
While the monthly statements are delivered free of cost to your postal address, if you request for a duplicate statement fee, your card issuer will levy a duplicate statement fee which may range between Rs 50-100. 
 
Card replacement fee 
If you lose your card, your bank will charge you a card replacement fee. This can be between Rs 250-300. 
 
Cheque bounce or dishonour of ECS charge 
If the payment on your credit card bounces, your bank will charge you a fixed rate for the same which can be between Rs 300-350. If the bank sends a representative to pick up cheque or cash on the overdue account, another fee of Rs 100 is added to your next month’s statement. 
 
Surcharges 
If you purchase petrol using your credit card, a certain percentage of the transaction value is subject to either 2.5% of the transaction or flat fee of Rs 10-25 (whichever is higher) depending upon the bank. Some banks offer a waiver on the fuel surcharge, but these are for certain specified bands say between Rs 400-4,000. Therefore any transaction below Rs 399 or over 4,000 will continue to be charged as usual. 
 
<keyword id="6355686" type="COMPANY" weightage="20" keywordseo="Service-tax">Service tax</keyword> Up until now, the service tax levied on service charges was 12.36%. However, while presenting the budget for the year 2015-16, the <keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> announced that the service tax will be hiked to 14%. This means your credit card transactions will now become costlier as well. 
 Thus as you can see, the credit card you are being offered is not free at all and most of the charges you are not even told upfront. Knowing about these various fees and charges will put you in good stead and help you use your card prudently. Make sure you go through the issuer’s ‘Most Important Terms and Conditions’ (MITC) before you apply for the card. Prudent use of your credit card will also help you keep your <keyword id="2054234" type="UNKNOWN" weightage="20" keywordseo="CIBIL-Score">Cibil score</keyword> intact and keep your overall financial health in order. 
 
About the author: Rajiv Raj is the director and co-founder of<a href="http://www.creditvidya.com/">www.creditvidya.com</a>.

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