On 6 August 2015 Lok Sabha passed Negotiable Instruments (Amendment) Bill, 2015. The Negotiable Instruments (Amendment) Bill provides for filing of cheque bounce cases at the place where a cheque is presented for the clearance and not the place of issue.
This Bill seeks to amend the Negotiable Instruments Act, 1881. It will have implications for over the 18 lakh cheque bounce cases are pending in the various courts.
The Act defines promissory notes, bills of exchange, cheques and creates penalties for issues such as bouncing of cheques.The Bill amends the Act to state that cases of bouncing of cheques can be filed only in a court in whose jurisdiction the bank branch of the payee (person who receives cheque) lies.
Provisions of the Negotiable Instruments Bill:
If a complaint against a person issuing a cheque has been filed in the court with the appropriate jurisdiction,then all sub-sequent complaints against that person will be filed in the same court, irrespective of the relevant jurisdiction area.
The Bills also amends the definition of cheque in the electronic form.The definition has been amended to mean a cheque drawn in electronic medium using any computer resource and which is signed in a secure system with a digital signature, or electronic system.
Lok Sabha passed the Negotiable Instruments Bill
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