Rajya Sabha has passed the Negotiable Instrument (Amendment) Bill 2015 which amends the clauses relating to the territorial jurisdiction for filing Cheque dishonor Cases. The Bill provides for filing of cheque bounce cases at the place where a cheque is presented for clearance and not the place of issue.
- It will amend the Negotiable Instruments Act, 1881 which defines bills of exchange, promissory notes, cheques and creates penalties for issues such as bouncing cheques.
- Negotiable Instruments (Amendment) Bill, 2015 was introduced in the Lok Sabha on May 6, 2015.
- There are an estimated 18 lakh cheque bounce cases across the country, of which about 38,000 are pending in High Courts.
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