Lok Sabha passed Negotiable Instruments (Amendment) Bill, 2015

The Bill seeks to amend the Negotiable Instruments Act, 1881.  It will have implications for over 18 lakh cheque bounce cases pending in various courts.

Created On: Aug 7, 2015 18:18 IST

Lok Sabha on 6 August 2015 passed the Negotiable Instruments (Amendment) Bill, 2015. The Bill provides for filing of cheque bounce cases at the place where a cheque is presented for clearance and not the place of issue.

The Bill seeks to amend the Negotiable Instruments Act, 1881.  It will have implications for over 18 lakh cheque bounce cases pending in various courts.

The Act defines promissory notes, bills of exchange, cheques and creates penalties for issues such as bouncing of cheques. The Bill amends the Act to state that cases of bouncing of cheques can be filed only in a court in whose jurisdiction the bank branch of the payee (person who receives the cheque) lies.

Provisions of the Bill
If a complaint against a person issuing a cheque has been filed in the court with the appropriate jurisdiction, then all subsequent complaints against that person will be filed in the same court, irrespective of the relevant jurisdiction area.

If more than one case is filed against the same person before different courts, the case will be transferred to the court with the appropriate jurisdiction.

The Bills also amends the definition of cheque in the electronic form.  The definition has been amended to mean a cheque drawn in electronic medium using any computer resource and which is signed in a secure system with a digital signature, or electronic system.

Now get latest Current Affairs on mobile, Download # 1  Current Affairs App

Take Weekly Tests on app for exam prep and compete with others. Download Current Affairs and GK app

एग्जाम की तैयारी के लिए ऐप पर वीकली टेस्ट लें और दूसरों के साथ प्रतिस्पर्धा करें। डाउनलोड करें करेंट अफेयर्स ऐप

AndroidIOS

Related Stories

Comment (0)

Post Comment

6 + 1 =
Post
Disclaimer: Comments will be moderated by Jagranjosh editorial team. Comments that are abusive, personal, incendiary or irrelevant will not be published. Please use a genuine email ID and provide your name, to avoid rejection.

    Monthly Current Affairs PDF

    • Current Affairs PDF November 2021
    • Current Affairs PDF October 2021
    • Current Affairs PDF September 2021
    • Current Affairs PDF August 2021
    • Current Affairs PDF July 2021
    • Current Affairs PDF June 2021
    View all

    Monthly Current Affairs Quiz PDF

    • Current Affairs Quiz PDF November 2021
    • Current Affairs Quiz PDF October 2021
    • Current Affairs Quiz PDF September 2021
    • Current Affairs Quiz PDF August 2021
    • Current Affairs Quiz PDF July 2021
    • Current Affairs Quiz PDF June 2021
    View all