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Section 138 in The Negotiable Instruments Act, 1881. 138. Dishonour of cheque for insufficiency, etc., of funds in the account.—. (b) the payee or the holder in due course of the cheque, as the case may be, makes a demand for the payment of the said amount of money by giving a notice in writing, to the drawer of the cheque, [within thirty ...
An Act to define and amend the law relating to Promissory Notes, Bills of Exchange and Cheques. Preamble. —Whereas it is expedient to define and amend the law relating to promissory notes, bills
Jun 21, 2021 · Section 138 of Negotiable Instruments Act. The time frame for the offence under Section 138 of the NI Act. Few important points relating to dishonour of the cheque. Status of premature complaint. Successive presentation of cheques. Who can file a complaint? Death of the complainant. Insufficiency of funds. Time barred debt. What is quasi-criminal?
Jun 6, 2019 · Section 138 of the Act provides for circumstances under which a case for dishonour of cheques is filed. 1 The ingredients required for complying with Section 138 are as follows: a person must have drawn a cheque for payment of money to another for the discharge of any debt or other liability;
The Negotiable Instruments Act, 1881. Long Title: An Act to define and amend the law relating to Promissory Notes, Bills of Exchange and Cheques. Ministry: Ministry of Finance. Department: Department of Financial Services. Enforcement Date: 01-03-1882.
May 29, 2018 · Section 138 of the Negotiable Instruments Act, 1881 provides for circumstances under which a case for dishonour of cheques is filed. It states that a cheque has to be presented to the bank within 6 months from the date on which it was drawn or within a period of its validity whichever is earlier.
The development of negotiable instruments, a synopsis of the Negotiable Instruments Act of 1881, and a thorough analysis of Section 138 are the main topics of this article. This section is very important since it discusses the issues that arise when checks are returned for insufficient money.
Aug 23, 2020 · Section 138 of the Act formulates a statutory wrong concerning the matter of disgrace oriented cheques based on the grounds of insufficiency of available funds in the account of the person that has been maintained with the concerning banks.
Oct 1, 2022 · NI Act 1881, regulates different types of Negotiable Instruments like Promissory Notes, Bills of Exchange, and Cheques. According to Section 13 (1) of the Act, a Negotiable Instrument is defined as “a Promissory Note, Bills of Exchange or Cheque payable either to order or to bearer”.
Mar 11, 2023 · Section 138 of Negotiable Instruments Act, 1881 [‘NI Act'] provides for criminal provision regarding a cheque bounced due to insufficiency of funds. When a cheque bounces due to insufficiency of funds in the drawer's amount, it is punishable under Section 138 of the NI Act.
