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इंडियन आवाज़     14 Apr 2024 08:07:38      انڈین آواز

Govt approves promulgation of Negotiable Instruments Ordinance

(Last Updated On: 16/09/2015)

AMN /

The Union Cabinet today approved a proposal to promulgate the Negotiable Instruments (Amendment) Ordinance, 2015. The ordinance provides for filing of cheque bounce cases at the place where the cheque was issued.

An official release said, the clarity on jurisdictional issues for trial of cases of cheque bouncing would increase the credibility of the cheque as a financial instrument.It will also help trade and commerce in general and allow the lending institution, including banks, to continue to extend financing to the economy, without the apprehension of loan default on account of bouncing of a cheque.

The objective is to ensure that a fair trial is conducted keeping in view the interests of the complainant by clarifying the territorial jurisdiction of trial in case of dishonour of cheques. AIR correspondent reports that Negotiable Instruments (Amendment) Act, 2015 was passed in the Lok Sabha in May this year seeking to overturn a Supreme Court ruling of 2014 which said that the case has to be initiated where the cheque-issuing branch was located. However, it could not be approved by the Rajya Sabha, necessitating an ordinance.

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