NI (Amendment) Ordinance, 2015 promulgated
Posted on: 2015-06-18 Posted by: CLAT Gurukul Category: Archive Blog
President of India has promulgated Negotiable Instruments (Amendment) Ordinance, 2015 (6 of 2015). Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, had given its approval for the proposal to promulgate the Negotiable Instruments (Amendment) Ordinance, 2015. The amendments to the Negotiable Instruments Act, 1881 (“The NI Act”) are focused on clarifying the jurisdiction related issues for filing cases for offence committed under section 138 of the NI Act. The clarification of jurisdictional issues may be desirable from the equity point of view as this would be in the interests of the complainant and would also ensure a fair trial. The clarity on jurisdictional issue for trying the cases of cheque bouncing would increase the credibility of the cheque as a financial instrument. This would help the trade and commerce in general and allow the lending institution, including banks, to continue to extend financing to the economy, without the apprehension of the loan default on account of bouncing of a cheque. Source: BBC News
For more updates on topics asked in CLAT, keep visiting CLAT Gurukul which is a knowledge sharing initiative of The Knowledge Tree, Patna's premier coaching institute for CLAT and for other law entrance exams like AILET, SET, LSAT etc.