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the said act was enacted to define and to provide the law relating to promissory notes, bills of exchange and cheques
Negotiable Instruments
A "negotiable instrument" means a promissory note, bill of exchange or cheque payable either to order or to bearer. A negotiable instrument may be made payable to two or more payees jointly, or it may be made payable in the alternative to one or two, or one or some of several payees.
Promissory Note
Rs.
10,000/ An instrument in writing New Delhi containing an unconditional undertaking September 25, signed by the maker to pay a 2002 certain sum of money only On demand, I promise to pay Ramesh, s/o RamLal of Meerut or order to, a sum of Rs 10,000/- (Rupees Ten Thousand only), for value received. or to the order of a certain person, or to the bearer of To , Ramesh Sd/ the instrument. Sanjeev
Address..
Stamp
Bill of Exchange
Cheque
Section 6 of the Act defines: A cheque is a bill of exchange drawn on a specified banker and not expressed to be payable otherwise than on demand. Or we can say a cheque is a bill of exchange which is payable on demand and which is drawn on a specified banker.
st 1
Chapter
Section 138:
this section defines the dishonour of cheque is an offence. The same also defines the main ingredients which have to be fulfilled to made it, an offence.
Five basic ingredients of section 138 which shall have to be fulfilled for creating an offence for dishonour of a cheque
Cheque given by way of gift would not come under this provision.
The cheque should be presented within the validity period Return memo by the drawer bank to the drawee bank and subsequently by the drawee bank to the drawee reporting that the cheque got unpaid is must. The notice must be sent to drawer within 15 days (amended to 30 days by the 2002 amendment) of the receipt of the information from the drawee bank that the cheque got dishonoured. The drawer of the cheque fails to make the payment of the said amount of money to the payee or to the holder in due course within 15 days of the receipt of the said notice.
Moreover the section 138 also provides for the punishment for dishonour of cheque:
may extend to one year, or with fine which may extend to twice the amount of the cheque, or with both.
(the term of punishment extended to two years vide 2002 amendment )
2002 Amendment
Through the said amendment: Section 138(a) amended regarding the term of imprisonment increased to Two years from One year and through 138(b) the period of giving notice of demand to the drawer increased from fifteen days to thirty days.
2002 Amendment
New sections - 143 to 147 have been inserted for the speedy disposal of the cases under section 138.
Section 146
Section 147
RuPay
M-Pesa
Biometrics
Digital cheque
CASE STUDY
Case Analysis of Rangappa v Sri Mohan To properly interpret Section 139 of the Negotiable Instruments Act and to
CASE STUDY
In the present case, appellant and respondent knew each other
The respondent stated that appellant issued a post dated cheque to the respondent Against certain loan furthered by respondent on 8-2-2001 for the same amount which was presented on the same day for encashment by the complainant.
Then on 21-02-2001, Bank issued a memo to the complainant stating that the `Payment has been stopped by the drawer, So complainant issued a notice to the appellant relating to such dishonour, which was neither replied nor honoured by the appellant. So, the respondent filed a complaint against the accused for dishonour of cheque.
The
court pointed out that the accused was unable To raise a probable defence and To contest the existence of a legally enforceable debt, and Further he admitted the signature on the cheque to be his own
So this paved a way for the statutory presumption which was not rebutted by him. The supreme court didnt interfere with the judgment of the high court and dismissed the appeal.
Conclusion
Helps the trade & commerce world to grow Helps exporters and importers of goods Provides mechanism to drag their defaulters to court. Play a vital role in the economic development Necessary legislative support is essential to protect electronic banking and payment systems Common or universally accepted Negotiable Instrument Act