Negotiable Instrument

THE NEGOTIABLE INSTRUMENTS ACT ORDINANCE, 2015

The Negotiable Instruments Act Ordinance, 2015 is passed by the President on immediate basis whereas it has been passed by the Lok Sabha and is pending in the Rajya Sabha as the parliament is not yet in session. The basic reason as to why this amendment is brought in is to resolve/clarify the jurisdiction issues… Read More

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Collection of Account Payee Cheques – Prohibition on Crediting Proceeds to Third Party Account

RBI/2013-14/458 DBOD.BP.BC.No. 87/21.01.001/2013-14 January 22, 2014 The Chairmen / Chief Executives of All Scheduled Commercial Banks (excluding RRBs) Collection of Account Payee Cheques - Prohibition on Crediting Proceeds to Third Party Account Please refer to our circular DBOD.BP.BC.No.50/21.01.001/2011-12 dated November 4, 2011 advising banks that they are prohibited from crediting 'account payee' cheques to the account of… Read More

Tags: BankBusinesschequeFinancial servicesNegotiable InstrumentNegotiable Instruments Act 1881Payment

Delay in re-presentation of technical return cheques and levy of charges for such returns

RBI/2012-13/493 DPSS.CO.CHD.No. 2030/03.06.01/2012-2013 May 7, 2013 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including RRBs /Local Area Banks Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks Madam / Dear Sir, Delay in re-presentation of technical return cheques and levy of charges for such returns As… Read More

Tags: BankBanking ServicesBusinesschequeClearing (finance)Financial servicesNegotiable Instrument

Rights and Privileges of Holder in Due Course

HOLDER IN DUE COURSE AND RIGHTS AND PRIVIELEGES PROVIDED TO HOLDER IN DUE COURSE UNDER NEGOTIABLE INSTRUMENTS ACT (INDIA) HOLDER IN DUE COURSE The phrase ˜Holder in Due Course™ shortens considerable the cumbrous English equivalent ˜bona fide holder for value without notice™; and both the Indian and English Acts have adopted this phrase. Sec. 9… Read More

Tags: Holder in due courseIndiaIndian Contract Act 1872Negotiable Instrumentnegotiable instruments actNegotiable Instruments Act 1881Promissory noteSupreme CourtSupreme Court of the United StatesUnited States

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