Objective of the Ordinance
The objective of the Ordinance is to amend the provisions of the Negotiable Instruments Act, 1881, for the speedy disposal of cases relating to the dishonor of cheque(s). The Negotiable Instruments (Amendment) Bill, 2015 has been passed by the Lok Sabha; however, it is still pending in the Rajya Sabha. Whereas the Parliament is not in session, the President, on the satisfaction that the circumstances exist which render it necessary for him to take immediate action, promulgated the said Ordinance.
Key Provisions of the Ordinance
Through this Ordinance, a new definition of ‘a cheque in the electronic form’ has been prescribed, and a new Section 142(2) has been inserted. This section provides that the offence under Section 138 shall be inquired into and tried only by a court within whose local jurisdiction the bank branch of the payee, where the payee presents the cheque for payment, is situated.
The objective of the Ordinance is to amend the provisions of the Negotiable Instruments Act, 1881, for the speedy disposal of cases relating to the dishonor of cheque(s). The Negotiable Instruments (Amendment) Bill, 2015 has been passed by the Lok Sabha; however, it is still pending in the Rajya Sabha. Whereas the Parliament is not in session, the President, on the satisfaction that the circumstances exist which render it necessary for him to take immediate action, promulgated the said Ordinance.
Key Provisions of the Ordinance
Through this Ordinance, a new definition of ‘a cheque in the electronic form’ has been prescribed, and a new Section 142(2) has been inserted. This section provides that the offence under Section 138 shall be inquired into and tried only by a court within whose local jurisdiction the bank branch of the payee, where the payee presents the cheque for payment, is situated.
1 Attachment(s) [Login To View]