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Negotiable Instruments Act, 1881 is an act in India dating from the British colonial rule, that is still in force with significant amendments recently. It deals with the law governing the usage of negotiable instruments in India. The word "negotiable" means transferable and an "instrument" is a document giving legal effect by the virtue of the law
In the Commonwealth of Nations almost all jurisdictions have codified the law relating to negotiable instruments in a Bills of Exchange Act, e.g. Bills of Exchange Act 1882 in the UK, Bills of Exchange Act 1890 in Canada, Bills of Exchange Act 1908 in New Zealand, Bills of Exchange Act 1909 in Australia, [2] the Negotiable Instruments Act, 1881 in India and the Bills of Exchange Act 1914 in ...
Post-dated cheques in Indian law are considered under the Negotiable Instruments Act, 1881.Post-dated cheques are common and enforceable. [9] In 1998, the Supreme Court ruled that a post-dated cheque is a bill of exchange and does not become payable on demand until the date written on the cheque
In India, a bounced cheque is a criminal offence, punishable by fines, jail term, or both under Section 138 of the Negotiable Instruments Act, 1881. [ 6 ] [ 7 ] Israel
In 1881, the Negotiable Instruments Act (NI Act) [55] was enacted in India, formalising the usage and characteristics of instruments like the cheque, the bill of exchange, and promissory note. The NI Act provided a legal framework for non-cash paper payment instruments in India. [ 25 ]
The Negotiable Instruments Act, 1881, as amended, contains provisions for criminal penalties, including imprisonment, if someone defaults on a debt or a payment obligation. Section 28A of the Securities and Exchange Board of India Act, 1992 (As amended by the Securities Laws (Amendment) Act, 2014) [ 24 ] contains provisions for penalties ...
Download as PDF; Printable version; In other projects ... Pages in category "Negotiable instrument law" ... Negotiable instrument; Negotiable Instruments Act, 1881 ...
Download as PDF; Printable version; In other projects Wikidata item; ... Negotiable Instruments Act, 1881; O. Official Secrets Act (India) Official Secrets Act ...