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.