Economy & Market

Cheques and Balances

Published

9 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

WCA Welcomes SiloConnect as associate corporate member

Published

4 days ago

April 13, 2026

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The World Cement Association (WCA) has announced SiloConnect as its newest associate corporate member, expanding its network of technology providers supporting digitalisation in the cement industry. SiloConnect offers smart sensor technology that provides real-time visibility of cement inventory levels at customer silos, enabling producers to monitor stock remotely and plan deliveries more efficiently. The solution helps companies move from reactive to proactive logistics, improving delivery planning, operational efficiency and safety by reducing manual inspections. The technology is already used by major cement producers such as Holcim, Cemex and Heidelberg Materials and is deployed across more than 30 countries worldwide.

Concrete

TotalEnergies and Holcim Launch Floating Solar Plant in Belgium

Published

4 days ago

April 13, 2026

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TotalEnergies and Holcim have commissioned a floating solar power plant in Obourg, Belgium, built on a rehabilitated former chalk quarry that has been converted into a lake. The project has a generation capacity of 31 MW and produces around 30 GWh of renewable electricity annually, which will be used to power Holcim’s nearby industrial operations. The project is currently the largest floating solar installation in Europe dedicated entirely to industrial self-consumption. To ensure minimal impact on the surrounding landscape, more than 700 metres of horizontal directional drilling were used to connect the solar installation to the electrical substation. The project reflects ongoing collaboration between the two companies to support industrial decarbonisation through renewable energy solutions and innovative infrastructure development.

Concrete

Cortec® Corporation applauded for its strong safety performance

Published

4 days ago

April 13, 2026

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Cortec® Corporation has been recognised for its strong safety performance, receiving its sixth Governor’s Workplace Safety Award for its outstanding performance in 2025. As a Silver Achievement recipient, the company continues to maintain safety metrics well above national industry averages, an impressive accomplishment for a chemical manufacturing organisation. This achievement reflects Cortec’s proactive approach to workplace safety, focused on early hazard detection and employee involvement. The company will be formally recognised at the Minnesota Safety and Health Conference in May, highlighting how industrial companies are effectively strengthening workplace safety standards.