Economy & Market

Cheques and Balances

Published

8 years ago

February 28, 2017

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In the cement trade, issuance of post-dated cheques is a common practice. However, understanding the finer points of the law covering negotiable instruments like cheques is essential to ensure that financial complications do not crop up during a transaction.

Cheques are used in almost all transactions such as re-payment of loan, payment of salary, bills, fees, and also in buying goods. A vast majority of cheques are processed and cleared by banks on a daily basis. Cheques are issued for the reason of securing proof of payment. Nevertheless, cheques remain a reliable method of payment for many people. On the other hand, it is always advisable to issue crossed ‘Account Payee Only’ cheques in order to avoid misuse. Dishonour of cheques is a criminal offence and is punishable by imprisonment up to two years or with monetary penalty, or with both. A cheque is a negotiable instrument. Crossed and account payee cheques are not negotiable by any person other than the payee. The cheques have to be deposited into the payee’s bank account. Legally, the author of the cheque is called the ‘drawer’, the person in whose favour the cheque is drawn is called ‘payee’, and the bank which is directed to pay the amount is known as the ‘drawee’. However, cases of cheque bouncing or being dishonoured are common these days. Sometimes cheques bearing large amounts remain unpaid and are returned by the bank on which they are drawn.

Remedial action
When a cheque is dishonoured, the drawee bank immediately issues a ‘, n Times)

Concrete

Holcim UK drives sustainable construction

Published

17 hours ago

May 13, 2025

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Holcim UK has released a report titled ‘Making Sustainable Construction a Reality,’ outlining its five-fold commitment to a greener future. The company aims to focus on decarbonisation, circular economy principles, smarter building methods, community engagement, and integrating nature. Based on a survey of 2,000 people, only 41 per cent felt urban spaces in the UK are sustainably built. A significant majority (82 per cent) advocated for more green spaces, 69 per cent called for government leadership in sustainability, and 54 per cent saw businesses as key players. Additionally, 80 per cent of respondents stressed the need for greater transparency from companies regarding their environmental practices.

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Concrete

GCCA releases LCR system

Published

17 hours ago

May 13, 2025

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The Global Cement and Concrete Association (GCCA) has launched the Low Carbon Ratings (LCR) system for cement and concrete, a new global rating based on products’ carbon footprints. The system uses a clear AA to G scale to help customers prioritise sustainability in material selection across construction sectors worldwide. The GCCA says that the LCR system is designed to be easily recognisable, with a simple visual graphic that indicates a product’s rating and provides consistency and comparability to other products.

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Concrete

FLSmidth opens eco-friendly plant in Casablanca

Published

17 hours ago

May 13, 2025

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FLSmidth has inaugurated a €21 million mill liner manufacturing plant in Casablanca, covering 11,250m² with a production capacity of 6,500 tonnes annually. The LEED-certified facility significantly reduces carbon emissions by up to 56 per cent and fully recycles water used in the manufacturing process. Up to 250 jobs will be created in the Valparaíso region. Mikko Keto, CEO, highlighted the plant as a symbol of FLSmidth’s commitment to sustainable mining and community engagement in South America. Earlier in 2024, the Denmark-based company announced plans to sell its cement division to sharpen its focus on mining operations.