Negotiable Instruments (Amendment) Bill, 2015 has been passed by Parliament [ Current News (Concise) ]

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The Negotiable Instruments (Amendment) Bill, 2015 has been passed by Parliament. Earlier in August 2015 it was passed by Lok Sabha and later in Rajya Sabha in December 2015. With the objective to make cheque-bounce filing of cases more convenient for check payees (person who receives the cheque) the Negotiable Instruments Act, 1881 is modified.

About key facts of Bill

  • Previous Act does not include specification of the territorial authority of courts in cases related to the bouncing of cheque is now modified in new Act.
  • This Bill included these kinds of cases which need to be filed only in a court and payee lies of bank branch is consider in whose authority.
  • It also include enhancement of provision for those person whose more than one cases of bouncing of cheque are files in different courts.
  • And in these types of cases the case will be transferred to the court that has appropriate authority.
  • This bill also replaces the definition of cheque.
  • It has redefines the cheque in the electronic form which introduce concept of signing digital signature in a secure system or by using electronic system and drawn in electronic medium with any computer resource.

- Published/Last Modified on: December 9, 2015