What is the latest amendment in Negotiable Instrument Act?

Recent amendments to the Negotiable Instruments Act, 1881 with respect to award of interim compensation to payee of the cheque and directions to deposit a part of compensation amount by the drawer of cheque before Appellate Court: A step forward in ease of doing business in India.

What is Section 131 of Negotiable Instrument Act?

—A banker who has in good faith and without negligence received payment for a customer of a cheque crossed generally or specially to himself shall not, in case the title to the cheque proves defective, incur any liability to the true owner of the cheque by reason only of having received such payment.

Can Section 138 of Negotiable Instrument Act?

i) An offence under Section 138 of the Negotiable Instruments Act, 1881 is committed no sooner a cheque drawn by accused on an account being maintained by him in a bank for discharge of debt/liability is returned unpaid for insufficiency of funds or for the reason that the amount exceeds the arrangement made with the …

What is Section 147 of Negotiable Instrument Act?

Section 147: Offences to be compoundable. Notwithstanding anything contained in the Code of Criminal Procedure, 1973, (2 of 1974.) every offence punishable under this Act shall be compoundable.

What is Section 143 of negotiable instrument Act?

Section 143-A of the Amended Act empowers any court while trying an offence for dishonour of a cheque to direct the drawer, who is the issuer of the cheque, to pay interim compensation to the complainant. The amount of compensation payable cannot exceed 20% of the amount as stated in the cheque.

When was negotiable instrument Act amended?

The Negotiable Instruments (Amendment) Bill, 2017 was introduced in Lok Sabha on January 2, 2018. It seeks to amend the Negotiable Instruments Act, 1881. The Act defines promissory notes, bills of exchange, and cheques.

Who is true owner of cheque?

CONVERSION OF A CHEQUE A collecting Banker is always supposed to collect a negotiable instrument for a customer, who is the true owner of the instrument.

Which banker gets protection under section 131 of Negotiable Instrument Act 1881?

As per Section 131 of Negotiable Instruments Act 1881, “A banker who has in good faith and without negligence received payment for a customer of a cheque crossed generally or specifically to himself -shall not, in case the title to the cheque proves defective, incur any liability to the true owner of the cheque by …

Can 138 complaint be amended?

Once a criminal complaint under Section 138 of the Negotiable Instruments Act is filed, the same cannot be amended.

What is Section 148 of negotiable instrument Act?

Section 148 provides that in an appeal by the drawer against conviction under section 138, the Appellate Court may order the appellant to deposit such sum which shall be a minimum of twenty per cent of the fine or compensation awarded by the trial Court.

What are compoundable cases?

Compoundable offences are those offences where, the complainant (one who has filed the case, i.e. the victim), enter into a compromise, and agrees to have the charges dropped against the accused.