What is Section 142 of Negotiable Instrument Act?
Section 142 of the Negotiable Instruments Act, 1881 It states that no Court shall take any notice of any offence which is regarded punishable under the provisions mentioned in Section 138 of the Negotiable Instruments Act, 1881 unless in a complaint which is in writing made by the holder of the cheque.
What is Section 147 of Negotiable Instrument Act?
147 Offences to be compoundable. —Notwithstanding anything contained in the Code of Criminal Procedure, 1973 (2 of 1974), every offence punishable under this Act shall be compoundable.
Who is entitled at the time of loss or destruction of a note bill or cheque?
Where the note, bill or cheque is lost or destroyed, its holder is the person so entitled at the time of such loss or destruction.
What is cheque as per Negotiable Instrument Act 1988?
The cheque is a negotiable instrument drawn on a specified banker and not expressed to be payable otherwise on demand. Section 6 of the NI Act makes it clear that this definition of a cheque includes an electronic image of a truncated cheque and a cheque in electronic form.
What is Section 148 of negotiable instrument Act?
Section 148 provides that in an appeal by the drawer against conviction under section 138, the Appellate Court may order the appellant to deposit such sum which shall be a minimum of twenty per cent of the fine or compensation awarded by the trial Court.
Who can file complaints section 138?
A complaint under section 138 of the Act can be filed only by the payee of the dishonoured cheque or by the holder in due course as mandated by Section 142 of the Act.
What is Section 148 of Negotiable Instrument Act?
What are compoundable cases?
In certain offences, the parties involved can effect a compromise while the case is under trial in the court. This is called ‘compounding’, further action in trial is discontinued. Cases in which this is permissible are called compoundable offences.
How many days of grace is granted if the instrument is not on demand?
In arriving at maturity date, three days, known as days of grace, must be added to the date on which the period of credit expires.
Who is holder of an instrument?
Holder is a term used to any person that has in their custody a promissory note, bill of exchange or cheque. It should be entitled in his own name. Holder means a person entitled in his own name to the possession of a negotiable instrument and to receive the amount due on it. This legal term article is a stub.
What is Section 143 of Negotiable Instrument Act?
Section 143-A of the Amended Act empowers any court while trying an offence for dishonour of a cheque to direct the drawer, who is the issuer of the cheque, to pay interim compensation to the complainant. The amount of compensation payable cannot exceed 20% of the amount as stated in the cheque.
What is the new rule of cheque bounce?
A cheque bounce is an offence under Section 138 of the Negotiable Instruments Act, 1881 (“Act”) punishable with a fine which can extend to twice the amount of the cheque or imprisonment for a term not more than two years or both.
How many days grace period is allowed for payment of bill of exchange?
3 days
Maturity means the date on which a bill of exchange falls due for payment. Every bill of exchange payable at a specified period after date is entitled to have a grace period of 3 days.
Which bill is not allowed 3 days of grace?
Bill at sight/Bill on Demand When no time for payment is mentioned in the bill of exchange and the bill is payable whenever it is presented to the drawee for the payment, such bills are know as “Bill at sight” or “Bill on Demand”. 3 days of grace are not allowed when bill is payable on demand.
What is Section 145 (2) of Negotiable Instruments Act?
Section 145 (2) in The Negotiable Instruments Act, 1881. (2) The Court may, if it thinks fit, and shall, on the application of the prosecution or the accused, summon and examine any person giving evidence on affidavit as to the facts contained therein.
What is Section 145 (2) of Central Government Act?
Central Government Act Section 145 (2) in The Negotiable Instruments Act, 1881 (2) The Court may, if it thinks fit, and shall, on the application of the prosecution or the accused, summon and examine any person giving evidence on affidavit as to the facts contained therein.
When to give evidence on an affidavit under Section 145?
145. Evidence on affidavit.— (1) Notwithstanding anything contained in the Code of Criminal Procedure, 1973 (2 of 1974), the evidence of the complainant may be given by him on affidavit and may, subject to all just exceptions be read in evidence in any enquiry, trial or other proceeding under the said Code.
When did the National Instruments Act come into effect?
Home NEGOTIABLE INSTRUMENTS ACT, 1881 145 Evidence on affidavit. Evidence on affidavit. 145.