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Negotiable instruments Act
 

Negotiable instruments Act

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    Negotiable instruments Act Negotiable instruments Act Presentation Transcript

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