Cabinet Approves Bill to Amend Negotiable Instrument Act

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December 23, 2017

It has been reported that the Union Cabinet has given a green signal to amend the Negotiable Instrument Act, 1881.

Reportedly, key features of the Bill are as under:

  • Interim compensation to the payee of cheque both at the trial and appellate stage- in order to aid trade and commerce particularly MSME to increase credibility of as a negotiable instrument
  • The amendment is also expected to clarify jurisdictional issues in relation to dishonor of cheque cases and aid in ensuring fair trials.