WebThe Negotiable Instruments Act, 1881 ('Act') deals with negotiable instruments, such as promissory notes, bills of exchange, checks, etc. Sections 138 to 142 of Chapter XVII were implemented to inculcate trust in the effectiveness of banking operations and give legitimacy to the negotiable instruments used in business transactions. WebJul 27, 2024 · Section 138 read with Section 142 of the Negotiable Instruments Act,1881 as amended by the Negotiable Instrument laws (Amended and Miscellaneous Provisions) Act, 2002. In accordance with Section 357 of Code of Criminal Procedure 1974, out of the penalty imposed, the Accused be ordered to compensate the Complainant to the extent …
Negotiable instrument Act Section 138 Cheque Return case
WebJan 18, 2024 · (4) Under the circumstances, you are requested to at once make payment of Rs. 10,000/- together with bank charges against the above cheque returned by the Bankers and obtain our receipt thereof, else our client shall be compelled to file a Criminal Complaint under the provisions of Negotiable Instrument Act Section 138 and shall initiate ... WebJun 18, 2015 · Why Section 138 The section 138 of the N.I.Act,1881 provides for penalties in case of dishonour of cheques due to insufficiency of funds in the account of the drawer of the cheque. Amendments in N.I.Act,1881 Via Ordinance w.e.f 15.06.2015 Amendment of section 6 In the Negotiable Instruments Act,1881 (26 of 1881) (hereinafter referred to … most famous racing horse
Explained Sections 138 and 141 of NI Act: Vicarious liability of ...
WebApr 3, 2024 · According to Section 4 of the Negotiable Instrument Act of 1881, “A ‘Promissory note’ is an instrument in writing ... 1881, which includes Sections 138-147, ... WebThe Negotiable Instruments Act, 1881 (“ Act “) deals with negotiable instruments, such as promissory notes, bills of exchange, cheques etc. Chapter XVII containing Sections 138 to 142 was introduced with the aim of inculcating confidence in the efficacy of banking … WebCheque Bounce under Section 138 of Negotiable Instruments Act. The Negotiable Instrument act, 1881 (hereinafter referred to as the ‘NI Act’) encapsulates the legal framework for the use and operation of negotiable instruments in our country. Cheques are also a form of negotiable instrument and therefore fall under the purview of the NI Act. mini breaks to norway