Economy
HC says ‘No Bank can file Cheque Dishonor Case’
From now on, HC, High Court ordered no Bank or any financial institution can file cheque dishonor case against any person for loan recovery.
On Wednesday 23, Judge Md Ashraful Kamal on a single HC bench dismissed the Brac Bank cheque dishonor case against a person for loan recovery.
A bank or financial institution can file a case in the Court of Debt only in the process detailed in the Loan Act, 2003 for recovery of loan. Besides, all cheque dishonor cases filed by banks or financial institutions presently pending in the court will be closed, the judgment stated.
According to the Judgement, the court stated, the cheque that bank takes against the loan is guarantee. Not a negotiable instrument. A cheque dishonor case cannot be filed against the cheque held as collateral.
The court said that a loan from a bank or financial institution is taken through a concord. Some corrupt, dishonest officers of the bank misuse cheques for their own interests, to implement their hidden agendas. Their behavior is similar to that of merchants.
The court has also said that taking a blank cheque against a loan is illegal. Banks and financial institutions have been doing this illegal thing for a long period of time.
HC gave instructions to the lower court and responded that if any bank or financial institution files a cheque dishonor case from today, the court will directly dismiss it. At the same time send them to the debt collection court.
HC says, banks were supposed to be the poor’s friends, instead, the bank and other financial institution are sucking the blood of the poor people. This can’t be. I hear about the bank drop the loans of those who are in default with thousands of crores of takas. But I never heard of a poor man’s loan being forgiven.
Banks and financial institutions are filing cheque dishonor cases without filing cases under the Money Lending Act for recovery of loans. That’s why our criminal system has become almost ineffective. Hence, from now on, banks or financial institutions can file cases only in credit court. Not in any other law.
The court said that banks were supposed to be friends of the poor, but instead of that, banks and various financial institutions are sucking the blood of the poor. It can’t be. I hear about the bank waiving off the loans of those who are in default with thousands of crores of takas. But I never heard of a poor man’s loan being forgiven. Like sapphire farmers, their aim is to collect debts, like advance traders. Banks and financial institutions are filing cheque dishonor cases without filing cases under the Money Lending Act for recovery of loans. Due to this our criminal system has become almost ineffective. Therefore, from now on, banks or financial institutions can file cases only in the credit court. Not in any other law.
The court has directed the Governor of Bangladesh Bank to issue instructions in the light of the HC’s verdict to banks and other financial institutions.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
