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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
According to section 4 of India's Negotiable Instruments Act, 1881, "a Promissory Note is a writing (not being a bank note or currency note), containing an unconditional undertaking, signed by the maker to pay a certain sum of money only to or to the order of a certain person or the bearer of the instrument". [14]
The act also provides for the appointment of the Banking Ombudsman, who is responsible for resolving complaints against banks. [81] Negotiable Instruments Act, 1881: This act governs the use and transfer of negotiable instruments such as cheques, promissory notes, and bills of exchange. It provides for the rights and obligations of parties to ...
Pages in category "Negotiable instrument law" ... Negotiable Instruments Act, 1881; Note issuance facility; P. Promissory note; R. Real defense; S. Substitute check;
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]
4 Notes. 5 Citations. Toggle the table of contents. List of governors-general of India. ... (1881) Negotiable Instruments Act, 1881; First complete Census in India (1881)
The FBI did not immediately respond to a request for comment on the defense experts' findings. The U.S. Attorney's Office that handled the case declined to comment.
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