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Complex system, Confusion, slow growth
<ul><li>A Negotiable instrument means promissory note, bill of exchange, or cheque, payable either to order or to bearer <...
 
<ul><li>Promissory Note </li></ul><ul><li>In writing, signed, stamped </li></ul><ul><li>Unconditional promise to pay </li>...
<ul><li>Bill of Exchange </li></ul><ul><li>Writing, signed, accepted, stamped </li></ul><ul><li>Unconditional order to pay...
<ul><li>CHEQUES </li></ul><ul><li>Writing, signed </li></ul><ul><li>Unconditional order </li></ul><ul><li>Issued by specif...
<ul><li>HUNDIS </li></ul><ul><li>Drawn in any local language in accordance with the custom of the place </li></ul><ul><li>...
<ul><li>CHEQUE </li></ul><ul><li>BILLS OF EXCHANGE </li></ul><ul><li>Insufficient balance. </li></ul><ul><li>Invalid Signa...
<ul><li>Fraud  </li></ul><ul><ul><li>Intentional wrong doing </li></ul></ul><ul><ul><li>To cause loss or harm </li></ul></...
<ul><li>The JVG Scandal </li></ul><ul><ul><li>Troubles started in June 1997 </li></ul></ul><ul><ul><li>Issued Post dated c...
<ul><li>Funds transfer through EFT. </li></ul><ul><li>Common egs </li></ul><ul><ul><li>Direct Deposit </li></ul></ul><ul><...
<ul><li>Individual Feels Free To Trade Globally. </li></ul><ul><li>Smooth Flow of Trade. </li></ul><ul><li>Negotiable Inst...
 
 
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Negotiable instruments Act

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Transcript of "Negotiable instruments Act"

  1. 2. Complex system, Confusion, slow growth
  2. 3. <ul><li>A Negotiable instrument means promissory note, bill of exchange, or cheque, payable either to order or to bearer </li></ul><ul><ul><li>Freely Transferable </li></ul></ul><ul><ul><li>Absolute Title </li></ul></ul><ul><ul><li>In Writing </li></ul></ul><ul><ul><li>Unconditional </li></ul></ul><ul><ul><li>Certain Sum </li></ul></ul><ul><li>Payee must be a certain Person </li></ul><ul><li>Signature a must. </li></ul><ul><li>Certain Time </li></ul><ul><li>Delivery Essential </li></ul><ul><li>Stamping is Mandatory. </li></ul>
  3. 5. <ul><li>Promissory Note </li></ul><ul><li>In writing, signed, stamped </li></ul><ul><li>Unconditional promise to pay </li></ul><ul><li>Money only </li></ul><ul><li>Certain party </li></ul><ul><li>On demand or certain date </li></ul><ul><li>Certain sum </li></ul><ul><li>Parties – Drawer, Payee </li></ul>
  4. 6. <ul><li>Bill of Exchange </li></ul><ul><li>Writing, signed, accepted, stamped </li></ul><ul><li>Unconditional order to pay </li></ul><ul><li>Money only </li></ul><ul><li>Certain party </li></ul><ul><li>Certain sum </li></ul><ul><li>Parties – Drawer, Drawee & Payee </li></ul>
  5. 7. <ul><li>CHEQUES </li></ul><ul><li>Writing, signed </li></ul><ul><li>Unconditional order </li></ul><ul><li>Issued by specified banker, certain payee </li></ul><ul><li>On demand </li></ul><ul><li>Certain amount </li></ul><ul><li>Must bear a date </li></ul>
  6. 8. <ul><li>HUNDIS </li></ul><ul><li>Drawn in any local language in accordance with the custom of the place </li></ul><ul><li>For transfer of money without its actual physical movement </li></ul>
  7. 9. <ul><li>CHEQUE </li></ul><ul><li>BILLS OF EXCHANGE </li></ul><ul><li>Insufficient balance. </li></ul><ul><li>Invalid Signature. </li></ul><ul><li>Specific Reasons eg “a/c closed, stopped payment”. </li></ul><ul><li>Cancellation on cheques. </li></ul><ul><li>Tampered cheques. </li></ul><ul><li>When “payable at par” is not mentioned for outstation cheques. </li></ul><ul><li>Non-acceptance by Drawee. </li></ul><ul><ul><li>Drawee does not accept within 24 hrs </li></ul></ul><ul><ul><li>Drawee not entitled to accept. </li></ul></ul><ul><ul><li>Drawee is a fake person, or disappears. </li></ul></ul><ul><ul><li>Bill is conditional. </li></ul></ul><ul><ul><li>Not signed by all drawees(in case of partnership) </li></ul></ul><ul><li>Non payment by Drawee at maturity </li></ul>
  8. 10. <ul><li>Fraud </li></ul><ul><ul><li>Intentional wrong doing </li></ul></ul><ul><ul><li>To cause loss or harm </li></ul></ul><ul><ul><li>To get personal benefit </li></ul></ul><ul><li>Measures To Avoid Fraud. </li></ul><ul><li>After online payment make sure you call customer care of your bank. </li></ul><ul><li>Make sure you keep secrecy regarding your negotiable instrument. </li></ul>
  9. 11. <ul><li>The JVG Scandal </li></ul><ul><ul><li>Troubles started in June 1997 </li></ul></ul><ul><ul><li>Issued Post dated cheques for </li></ul></ul><ul><ul><li>principal & interest which bounced. </li></ul></ul><ul><ul><li>Investors complained under NI act. </li></ul></ul><ul><ul><li>Government asked to wind up the company. </li></ul></ul><ul><li>Three Held With Shahrukh </li></ul><ul><li>Khan’s Credit Card </li></ul><ul><ul><li>On Feb10, Vinay Vijay Tambe (22), </li></ul></ul><ul><li>James Paul Peremal (28), Shekar Jadhav (44), </li></ul><ul><li>went to Shopper’s Stop and did shopping of </li></ul><ul><li>Rs.25000 with Shahrukh’s credit card. </li></ul>
  10. 12. <ul><li>Funds transfer through EFT. </li></ul><ul><li>Common egs </li></ul><ul><ul><li>Direct Deposit </li></ul></ul><ul><ul><li>Plastic money </li></ul></ul><ul><ul><li>ATMs </li></ul></ul><ul><ul><li>Points of Sale </li></ul></ul><ul><ul><li>Mobile banking </li></ul></ul><ul><li>Cheque Truncation </li></ul><ul><li>Need for Legislations & Regulations </li></ul>
  11. 13. <ul><li>Individual Feels Free To Trade Globally. </li></ul><ul><li>Smooth Flow of Trade. </li></ul><ul><li>Negotiable Instruments As Legal Proof </li></ul>
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