This Act has been promulgated in the Year 1881 originally but was Amended by Parliament of India from time to time. This Statute is aimed to define and amend the prevailing law relating to Promissory Notes, Bills of Exchange and Cheques. This bare act has Seventeen Chapters and 148 Sections. The Chapters includes Notes, bills and cheques, Parties to Notes, Bills and Cheques, Of Negotiation, Of Discharge From Liability On Notes, Bills And Cheques, Of Notice Of Dishonour And Of Penalties In Case Of Dishonour Of Certain Cheques For Insufficiency Of Funds In The Accounts to name a few. The statute also has provisions like Dishonour of cheque for insufficiency, etc., of funds in the account, Defence which may not be allowed in any prosecution under section 138 and Bank’s slip prima facie evidence of certain facts.
Act Number: | 26 |
Enactment Date: | 1881-12-09 |
Act Year: | 1881 |
Short Title: | The Negotiable Instruments Act, 1881 |
Long Title: | An Act to define and amend the law relating to Promissory Notes, Bills of Exchange and Cheques. |
Ministry: | Ministry of Finance |
Department: | Department of Financial Services |
Enforcement Date: | 01-03-1882 |
Last Updated: | 02-11-2019 |
[NIA] HC: ‘Presumption u/S118 does not attract to the unspecified rate of interest and uncalculated interest amount on the cheque that gets dishonored’, Read Judgment