According to statistics released by the Central Bank 12,560 checks bounced on a daily basis since the start of the current year (March 21), ISNA reported. This is while many regulations have been put in place to commit merchants and dealers to honor their financial transactions. Although there has been a drop in the number of bounced checks from last year, experts believe more needs to be done to tackle the problem. Several reasons are given for financial irregularities such as loopholes in the existing laws as well as economic woes. Some other experts say that banks should tighten the rules when it comes to issuing checkbooks.
