Negotiable Instruments Act 1881

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

Migration of Post-dated cheques (PDC)/Equated Monthly Installment (EMI) Cheques to Electronic Clearing Service (Debit)

RBI/2013-14/359 DNBS.PD/ CC.NO.359 /03.10.001/2013-14 November 06, 2013 All NBFCs Dear Sirs, Migration of Post-dated cheques (PDC)/Equated Monthly Installment (EMI) Cheques to Electronic Clearing Service (Debit) A reference is invited to our Circular No DNBS.PD/ CC.NO.316 /03.10.001/2012-13 December 20, 2012 advising all NBFCs to ensure replacement of all Non-CTS-2010 standard compliant cheques received from their customers for future… Read More

Tags: chequeCTS 2010EMINegotiable Instruments Act 1881PaymentReserve Bank of IndiaSection 25

RBI Circular w.r.t. Adoption of Uniform Holiday Calendar under Cheque Truncation System (CTS)

RBI/2013-14/199 DPSS.CO.CHD.No./458/ 04.07.05 / 2013-14 August 23, 2013 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks/Local Area Banks Madam / Dear Sir Adoption of Uniform Holiday Calendar under Cheque Truncation System (CTS) Grid-based Cheque Truncation… Read More

Tags: BankChennaiCheque truncationCommercial bankCTSMumbaiNegotiable Instruments Act 1881New Delhi

Migration of Post-dated cheques (PDC)/Equated Monthly Instalment (EMI) Cheques to Electronic Clearing Service (Debit)

RBI/2013-14/158 DPSS.CO.CHD.No./209/04.07.05/2013-14 July 24, 2013 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks/Local Area Banks Madam / Dear Sir Migration of Post-dated cheques (PDC)/Equated Monthly Instalment (EMI) Cheques to Electronic Clearing Service (Debit) We invite… Read More

Tags: BankchequeCommercial bankCTS 2010Debit CardEMINegotiable Instruments Act 1881PDC

Standardization and Enhancement of Security Features in Cheque Forms/Migrating to CTS 2010 standards

RBI/2013-14/141 DPSS.CO.CHD.No./133 / 04.07.05 / 2013-14 July 16, 2013 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks/Local Area Banks Madam / Dear Sir Standardization and Enhancement of Security Features in Cheque Forms/Migrating to CTS 2010… Read More

Tags: BankchequeCommercial bankCTSCTS 2010MumbaiNegotiable Instruments Act 1881New Delhi

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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