RBI and FEMA Cabinet approves Negotiable Instruments (Amendment) Bill, 2015 to be placed in Parliament

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Cabinet approves Negotiable Instruments (Amendment) Bill, Calvin Klein Underwear Mujer 2015 to be placed in Parliament

The Union Cabinet, Polo Ralph Lauren chaired by the Prime Minister Narendra Modi has approved the proposal to introduce the Negotiable Instruments (Amendment) Bill, Yeezy Boost 750 Pas Cher Calzoncillos Slip Calvin Klein 2015 in the Parliament.

The amendments are focused on clarifying jurisdiction related issues for filing cases of offence committed under Section 138 the Negotiable Instruments Act,1881 (NI Act).

The main amendment included in this is the stipulation that the offence of rejection or return of cheque u/s 138 of NI Act will be enquired into and tried only by a Court within whose local jurisdiction the bank branch of the payee, Polo Philipp Plein Homme Adidas Ultra Boost Homme Pas Cher Calvin Klein Boxer Hombre where the payee presents the cheque for payment is situated.

Section 138 of the NI Act deals with the offence pertaining to dishonour of cheque for insufficiency of funds in the drawer’s account on which the cheque is drawn for the discharge of any legally enforceable debt or other liability.

Section 138 provides for penalties in case of dishonour of cheques due to insufficiency of funds in the account of the drawer of the cheque. Acheter Adidas Yeezy Boost 350 Calzoncillos Slip Calvin Klein The object of the NI Act is to encourage the usage of the cheque and enhancing the credibility of the instrument so that normal business transactions and settlement of liabilities could be ensured.

The clarification of jurisdictional issues may be desirable from the equity point of view as this would be in the interests of the complainant and would also ensure a fair trial.

The clarity on jurisdictional issue for trying cases of cheque bouncing would increase the credibility of the cheque as a financial instrument.

This would help trade and commerce in general and allow lending institutions, T Shirt Philipp Plein Homme including banks, Adidas Ultra Boost Pas Cher Slip Calvin Klein Outlet Calvin Klein Underwear to continue to extend financing to the economy,

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