What is Section 139 of Negotiable Instrument Act?

1[139. Presumption in favour of holder. —It shall be presumed, unless the contrary is proved, that the holder of a cheque received the cheque of the nature referred to in section 138 for the discharge, in whole or in part, of any debt or other liability.]

How many sections are there in the NI Act 1881?

This amendment Act inserts five new sections from 143 to 147 touching various limbs of the parent Act and Cheque truncation through digitally were also included and the amendment Act was into force on February 6, 2003.

What are the provisions of the Negotiable Instruments Act, 1881?

Promissory Note to be in writing.

  • It should be unconditional.
  • It should be payable to a definite person.
  • Sign on Promissory Note to be done by Maker or Payee.
  • Amount to be paid on demand or at a fixed period of time.
  • Instrument shall bear a stamp.

    • Can NI 138 and IPC 420 be filed together?

    Answer By Lawyer : 138 NI act and 420 IPC can be filed simultaneously.

    Can Sec 258 of CRPC is applicable to case of 138 of NI Act?

    Conferring power on the court by reading certain words into provisions is impermissible.” Accordingly, it was resolutely affirmed by the Hon’ble Court that the provisions of Section 258 of the Code are not applicable to a summons case instituted on a complaint, including the proceedings initiated under Section 138 of …

    What are the essential ingredients under section 142?

    Ingredients

    • The cheque has to be drawn by the accused on a bank account which is maintained by him with a particular banker in a bank;
    • The amount of money mentioned in the cheque is for discharging the liability either wholly or partially; and.

    What is the maximum punishment for cheque Dishonour?

    two years
    According to Section 138 of the Act, the dishonour of cheque is a criminal offence and is punishable by imprisonment up to two years or with monetary penalty or with both.

    Is Section 138 A criminal Offence?

    The Section 138 of the Negotiable Instruments Act 1881, treated cheque bounce as a civil wrong, until 1988, when it was brought under ‘criminal offence’, with a prison term of up to two years, while leaving the right to approach a civil court unaffected.

    What does Section 6 deals within the Negotiable Instruments Act?

    Cheque. A ”cheque” is a bill of exchange drawn on a specified banker and not expressedto be payable otherwise than on demand and it includes the electronic image of a truncated cheque and a cheque in the electronic form.

    What are the four types of negotiable instruments?

    Types of Negotiable Instruments

    • Personal checks. Personal checks are signed and authorized by someone who deposited money with the bank and specify the amount required to be paid, as well as the name of the bearer of the check (the recipient).
    • Traveler’s checks.
    • Money order.
    • Promissory notes.
    • Certificate of Deposit (CD)