"Consumer protection act, 1986" - Business LawSandeep Sharma
PPT on "Consumer protection act, 1986" for BBA & B.Com 1st year students, CA, CPT, CS & CMA Foundation.
Business Law PPT by Sandeep Sharma.
Meaning with suitable example & explanation.
The obligation of a banker to honour his customer’s cheque is extinguished (not accepted or clear) on receipt of an order of the Court, known as the Garnishee order, issued under Order 21, Rule 46 of the Code of Civil Procedure, 1908.
A court order instructing a garnishee (a bank) that funds held on behalf of a debtor (the judgement debtor) should not be released until directed by the court. The order may also instruct the bank to pay a given sum to the judgement creditor (the person to whom a debt is owed by the judgement debtor) from these funds.
If the debtor fails to pay the debt owned by him to his creditor, the latter may apply to the court for the issue of a garnshee order on the banker of his debtor.
The account of the customer with the banker, thus, becomes suspended and the banker is under an obligation not to make any payment thereof.
The creditor at whose request the order is issued is called the judgment creditor; the debtor whose money is frozen is called judgment debtor and the banker who is the debtor of the judgment debtor is called the Garnishee.
The Garnishee order is issued in two parts
The court directs the banker to stop payment out of the account of the judgement-debtor
ORDER NISHI
After the bank file his explanation, if any, the court may issue the final order, called ORDER ABSOLUTE
"Consumer protection act, 1986" - Business LawSandeep Sharma
PPT on "Consumer protection act, 1986" for BBA & B.Com 1st year students, CA, CPT, CS & CMA Foundation.
Business Law PPT by Sandeep Sharma.
Meaning with suitable example & explanation.
The obligation of a banker to honour his customer’s cheque is extinguished (not accepted or clear) on receipt of an order of the Court, known as the Garnishee order, issued under Order 21, Rule 46 of the Code of Civil Procedure, 1908.
A court order instructing a garnishee (a bank) that funds held on behalf of a debtor (the judgement debtor) should not be released until directed by the court. The order may also instruct the bank to pay a given sum to the judgement creditor (the person to whom a debt is owed by the judgement debtor) from these funds.
If the debtor fails to pay the debt owned by him to his creditor, the latter may apply to the court for the issue of a garnshee order on the banker of his debtor.
The account of the customer with the banker, thus, becomes suspended and the banker is under an obligation not to make any payment thereof.
The creditor at whose request the order is issued is called the judgment creditor; the debtor whose money is frozen is called judgment debtor and the banker who is the debtor of the judgment debtor is called the Garnishee.
The Garnishee order is issued in two parts
The court directs the banker to stop payment out of the account of the judgement-debtor
ORDER NISHI
After the bank file his explanation, if any, the court may issue the final order, called ORDER ABSOLUTE
elationship between banker and customer
,
definition of a banker and customer
,
definition of banking
,
general relationship between banker and customer
,
relationship as debtor and creditor
,
special relationship: banker as trustee
,
pawner and pawnee
,
bailer and bailment relationship
,
mortgager and mortgagee relationship
,
executer
,
attorney
,
guarantor
,
duties of a customer
,
rights and duties of the banker towards the custom
,
rights of a banker
,
garnishee order
Payment and Settlement Systems Act, 2007 provides for the regulation and supervision of payment systems in India and designates the Reserve Bank of India (Reserve Bank) as the authority for that purpose and all related matters.
The PSS Act, 2007 received the assent of the President on 20th December 2007 and it came into force with effect from 12th August 2008.
The Act also provides the legal basis for “netting” and “settlement finality”.
According to a survey, the ratio of e-payments to paper based transactions has considerably increased between 2004 and 2008.
For quick service click: https://enterslice.com/payments-banks-license
GET FREE CONSULTANCY
Helpline: +91 9069142028
Email: info@enterslice.com
Website: www.enterslice.com
Banking is defined accepting for the purpose of lending and investment, deposit of money from the public repayable on demand or otherwise and withdraw by cheque, draft order or otherwise.
Ombudsman - An official appointed to investigate individual’s complaint against maladministration especially that of public authorities.
Code of civil procedure 1908 pleading plaint written statementDr. Vikas Khakare
This explains what is pleading, rules of pleading. Plaint, its contents, when it can be amended. Written Statement, its contents, set off and counter claim.
A document or a piece of paper that guarantees payment of a certain amount of money to a specified person (payee) either immediately upon demand or at a predetermined period is known as a negotiable instrument. It is a document made up of a contract that ensures unconditional payment of money that can be paid now or later. In other words, any document that grants ownership over a quantum of money as well as can be transferred by delivery is addressed as a negotiable instrument. To govern the use of negotiable instruments in India, the Negotiable Instrument Act of 1881 was defined. On March 1, 1881, the Act of 1881, came into force and extends to the whole of India. It is “An Act to define and amend the law relating to Promissory Notes, Bills of Exchange and Cheques.” The Negotiable Instrument Act consists of a total of 147 Sections that are spread over 17 chapters. As per the Negotiable Instrument Act of 1881, no phrase appropriately defines ‘negotiable instrument’ whereas Section 13 of the Act states that “A negotiable instrument means a promissory note, bill of exchange or cheque payable either to order or to bearer.”
elationship between banker and customer
,
definition of a banker and customer
,
definition of banking
,
general relationship between banker and customer
,
relationship as debtor and creditor
,
special relationship: banker as trustee
,
pawner and pawnee
,
bailer and bailment relationship
,
mortgager and mortgagee relationship
,
executer
,
attorney
,
guarantor
,
duties of a customer
,
rights and duties of the banker towards the custom
,
rights of a banker
,
garnishee order
Payment and Settlement Systems Act, 2007 provides for the regulation and supervision of payment systems in India and designates the Reserve Bank of India (Reserve Bank) as the authority for that purpose and all related matters.
The PSS Act, 2007 received the assent of the President on 20th December 2007 and it came into force with effect from 12th August 2008.
The Act also provides the legal basis for “netting” and “settlement finality”.
According to a survey, the ratio of e-payments to paper based transactions has considerably increased between 2004 and 2008.
For quick service click: https://enterslice.com/payments-banks-license
GET FREE CONSULTANCY
Helpline: +91 9069142028
Email: info@enterslice.com
Website: www.enterslice.com
Banking is defined accepting for the purpose of lending and investment, deposit of money from the public repayable on demand or otherwise and withdraw by cheque, draft order or otherwise.
Ombudsman - An official appointed to investigate individual’s complaint against maladministration especially that of public authorities.
Code of civil procedure 1908 pleading plaint written statementDr. Vikas Khakare
This explains what is pleading, rules of pleading. Plaint, its contents, when it can be amended. Written Statement, its contents, set off and counter claim.
A document or a piece of paper that guarantees payment of a certain amount of money to a specified person (payee) either immediately upon demand or at a predetermined period is known as a negotiable instrument. It is a document made up of a contract that ensures unconditional payment of money that can be paid now or later. In other words, any document that grants ownership over a quantum of money as well as can be transferred by delivery is addressed as a negotiable instrument. To govern the use of negotiable instruments in India, the Negotiable Instrument Act of 1881 was defined. On March 1, 1881, the Act of 1881, came into force and extends to the whole of India. It is “An Act to define and amend the law relating to Promissory Notes, Bills of Exchange and Cheques.” The Negotiable Instrument Act consists of a total of 147 Sections that are spread over 17 chapters. As per the Negotiable Instrument Act of 1881, no phrase appropriately defines ‘negotiable instrument’ whereas Section 13 of the Act states that “A negotiable instrument means a promissory note, bill of exchange or cheque payable either to order or to bearer.”
This presentation is on Negotiable instrument and it covers following points :-
Introduction
Negotiable instrument
Characteristics of negotiable instrument
Presumption as to negotiable instrument
Types of negotiable instruments
Maturity or days of grace
Negotiation & Assignment
Endorsement
Holder in due course
Dishonor of negotiable instrument
Discharge of negotiable instrument
These future transaction (credit) done with help of documents called as Negotiable Instruments. The word Negotiable means ‘transferable by delivery’ & the word Instrument means ‘written document’. types of negotiable instruments like cheque and its types, promissory notes and its features and bill of exchange. endorsement and it types. crossing of cheque.
Cheque Dishonoured - Legal Tips On Your Cheque BounceLegal Kart
Cheque Bounce is something that all of us would have faced in our lives. Hence, here we will discuss the legal provisions dealing with issues of cheque bounce.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...Amil Baba Dawood bangali
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If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
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#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
2. Introduction of Negotiable
Instruments Act
• The Negotiable Instruments Act was enacted, in
India, in 1881. The act based upon the English
common law relating to promissory notes, bill of
exchange and cheques.
• The act came force on 1 march 1882 this act was
enacted with an object to define the modify the
law relating to promissory notes, bill of exchange
and cheques.
3. Meaning of Negotiable Instrument
• Negotiable means “Transferable” and
Instrument means “Document”
• The term, negotiable instrument means a
written document which creates a right in
favour of some person and which is freely
transferable.
• According to Section 13 of the Act, Negotiable
instrument means a promissory note, bill of
exchange or cheque payable either to order or
to bearer, whether the word order or bearer
appear on the instrument or not.
4. Continued..
• As such, documents like share warrants
payable to bearer, debentures payable to
bearer and dividend warrants are negotiable
instruments.
• But the money orders and postal orders,
deposit receipts, share certificates, dock
warrant, etc. are not negotiable instruments
5. Characteristics of a Negotiable Instrument
•In Writing: A negotiable instrument must be in writing.
•Signed by its maker: A negotiable instrument must be signed by
its maker.
•Unconditional promise to pay: A negotiable instrument must
contain an unconditional promise to pay.
•Certain amount of money: A negotiable instrument must contain
a certain amount of money.
•Freely transferable: A negotiable instrument must be freely
transferable from one person to another.
•Defects in title: During the course of transfer of negotiable
instrument, any defect in title will not effect right of recovery of
money to holder in due course.
7. PROMISSORY NOTE :
It is an instrument in writing (not being a bank note or
currency note) containing an unconditional undertaking,
signed by the maker, to pay a certain sum of money only to, or
to the order of a certain person or to the bearer of the
instrument.
9. ESSENTIAL ELEMENTS OF PROMISSORY NOTE
It has 2 parties payer and payee
It must be in writing
It must contain an undertaking to pay
The undertaking must be unconditional
It must be signed
Parties must be certain
Certain sum
Money only
Stamping
10. BILL OF EXCHANGE
Section 5 of the Negotiable Instruments Act, 1881 defines a
bill of exchange as ‘an instrument in writing containing an
unconditional order, signed by the maker, directing a certain
person to pay a certain sum of money only to or to the order of
a certain person, or to the bearer of the instrument’.
13. CHEQUE
The Negotiable Instruments Act, 1881 defines a
cheque as a bill of exchange drawn on a specified
banker and not expressed to be payable otherwise than
on demand.
14. TYPES
Open cheque: A cheque is called ‘Open’ when it is possible to
get cash over the counter at the bank.
Crossed cheque: The payment of such cheque is not made over
the counter at the bank. It is only credited to the bank account of
the payee. A cheque can be crossed by drawing two transverse
parallel lines across the cheque, with or without the writing
‘Account payee’ or ‘Not Negotiable’.
Bearer cheque: A cheque which is payable to any person who
presents it for payment at the bank counter is called ‘Bearer
cheque’.
15. Distinguish between Promissory Note & Bills of
exchange :
Promissory Note
Bills of Exchange
1) It is a promise to pay Bill of exchange
1) It is an order to pay
2) There are 2 parties Maker & Payee
2) There are 3 parties Drawer, Drawee &
payee.
3) Acceptance is not required
3) Acceptance is required
4) The Maker is primarily liable to payee
4) Drawee is primarily liable & Drawer is
secondarily liable to pay the Payee.
5) Notice of dishonour is not required
5) Notice of dishonour is Compulsory.
6) Maker & Payee cannot be one & the
same person.
6) Drawer (Maker) & Payee can be the same
person.
7) It has no Grace Days.
7) It has 3 Grace Days.
16. Distinguish Between Bills of Exchange and Cheque:
Bills of Exchange
Cheque
1) Drawer can be any Person including
Banker.
1) Drawer is always a Banker.
2) Acceptance is required
2) Acceptance is not Required
3) It has 3 grace days.
3) It has no grace days.
4) Non presentment discharges the drawer
4) Non presentment does not discharges the
Drawer.
5) Notice of Dishonour is compulsory
5) Notice of dishonour is not Required.
6) It cannot be Crossed
6) It may be crossed
7) Bills have to be Stamped
7) It need not be stamped
8) Bills cannot be countermanded
8) Cheques can be countermanding( to
directly stop the payment on any particular
cheque or cheques)
9) Noting and Protesting is required.
9) It is not required
10) There is debtor-creditor relation between 10) There is no such relation between drawer
drawer and drawee.
and drawee bank.
17. Dishonouring of a Cheque
A Dishonoured Cheque is a Cheque that is not credited by
the Bank for numerous reasons including:
•If cheque is presented after six months validity is over.
•When the signature of drawer does not tally with the
specimen signature.
•When there are insufficient or no funds in the account of
the drawer.
•When the customer counter countermands payment of
the cheque.
18. Contd….
• When the holder (payee) informs the bank of
the loss of cheque.
• When the cheque is not presented within the
usual business hours.
• The dishonouring of a cheque u/s 138 is
considered as a criminal offence.
19. Procedure of Dishonour of a cheque:
•Legal notice
•Filing a criminal case
•Submission of surety and bail of accused
•Document submission by both the parties
20. WHEN DISHONOUR
OF CHEQUE IS AN OFFENCE
Ingredients of the offence
• Drawing of the cheque
• Presentation of the cheque to the bank
• Returning the cheque unpaid by the drawee
bank
• Giving notice in writing to the drawer of the
cheque demanding payment of the cheque
amount
• Failure of the drawer to make payment within 15
days of the receipt of the notice
21. Procedure for legal action Against Dishonouring of a Cheque :
Dishonour (bouncing) of Cheque:
• These section were added to this act by an
amendment Dated 1/04/1989 section-138 now
makes bouncing/ dishonour of cheques a criminal
offence.
• According to section 138, any person who has
issued a cheque which ultimately is dishonoured by
the bank of reason of insufficient funds in the
account is liable for dishonour of that cheque.
22. The condition to be fulfilled are:
• The cheque should be issued by the drawer himself
(account holder) or his dually appointed agent.
• The payment should have been to discharge any
commercial debt or liability i.e. the cheque should not
have been given by the way of gift.
• The debt or liability must be legally enforceable.
The cheque should be presented within the of 3 month
validity period.
• The cheque should be returned by the bank as
dishonoured for insufficient funds.
23. • The holder i.e. payee should demand the money in
writing from the date of dishonour of cheque. He
should also give the drawer a time of 15 Days to make
payment in any other mode. If within 15 days; the
drawer makes the payment; he is not guilty of any
offence under this section. But if he fails to make
payment then; at the end of the 15th day he is deemed
to have committed an offence under Section 138.
• The holder can within a period of 1month from the
end of the 15th day can file a complaint before the
Judicial Magistrate First Class[JMFC] or Metro Politian
Magistrate. The maximum punishment is of 1year
imprisonment or fine of twice the amount of cheque
dishonoured or both.
24. Recent Judgments
1.MSR Leather vs. S Palaniappan 2012
Issue – “whether the payee or holder of cheque
can initiate proceedings of prosecution for the
second time if he has not initiated any action on
earlier cause of action ?”
Setting the law, S.C. in the latest case stated that
prosecution based on the second or successive
dishonour of the cheque is also permissible.
25. It is held by the supreme court that while the cheque can be
presented any no. of times there shall be only one notice.
Sadanandan
vs
Madhavan
sunil
kumar.
1998
• On each presentation of cheque and its dishonour a fresh right
and not cause of action- accrues in his favour.
Section 142 of the Negotiable Instruments Act governs taking of
cognizance of the offence and starts with a non-obstante
clause. It provides that no court shall take cognizance of any
offence punishable under Section 138 except upon a
complaint, in writing, made by the payee or, as the case may
be, by the holder in due course and such complaint is made
within one month of the date on which the cause of action
arises under clause (c) of the proviso to Section 138. In terms
of sub-section (c) to Section 142, no court inferior to that of a
Metropolitan Magistrate or a Judicial Magistrate of the first
class is competent to try any offence punishable under Section
138.
26. .
Whether payee or holder of cheque can initiate proceeding of
prosecution under Section 138 of Negotiable Instrument Act, 1881 for the
second time if he has not initiated any action on earlier cause of action?
• No action taken on first notice – cheque presented again- second notice
sento on failure case filed against him on the cases of second notice.
•
For a dishonour to culminate into the commission of an offence of which a
court may take cognizance, there are two other requirements, namely, (a)
service of a notice upon the drawer of the cheque to make payment of
the amount covered by the cheque and (b) failure of the drawer to make
any such payment within the stipulated period of 15 days of the receipt of
such a notice. It is only when the said two conditions are superadded to
the dishonour of the cheque that the holder/payee of the cheque
acquires the right to institute proceedings for prosecution under Section
138 of the Act, which right remains legally enforceable for a period of 30
days counted from the date on which the cause of action accrued to him.
•
That necessarily means that for similar failure after service of fresh notice
on subsequent dishonour, the drawer cannot be liable for any offence nor
can the first offence be treated as non est so as to give the payee a right
to file a complaint treating the second offence as the first one.
27. 2. )M/S Laxmi vs State of Gujrat & Ors. Nov 2012
Dishonour of cheque on the ground tat the signatures of the
cheque do not match the specimen signature available with
the bank.
HC has taken view that such dishonor would not attract the
penal provisions of Sec 138. Sec 138 are attracted only in cases
where a cheque is dishonor either because the amount of
money standings the credit to the a/c maintained by the
drawer is insufficient, or
The cheque amount exceeds the amount arranged to be paid
from a/c maintained by the drawer by an agreement made
with the bank.
A case is made out to exercise powers u/s 482of the code of
Criminal Procedure, 1973 in the favor of petitioner.
28. 4.Dishonour of cheque- complaint can
be filed at any of the place.
Bhaskaran vs Sanskaran Vaidhyan balan
• Where the cheque was drawn
• Where the cheque was presented for
encashment.
• Where the cheque was returned unpsid by
drawee bank.
• Where notice in writing was given to drawer
of cheque demanding payment.
• Where drawer of cheque failed to make
payment within 15 days of receipt of notice.
29. 5. SC case- Bhaskaran vs Sanskaran
Vaidhyan balan
• Penalty is restricted to Rs 5000/-, besides
imprisonment, but a magistrate can award
any sum as compensation to alleviate the
grievances of complainant.
• Of course while fixing such quantum,
Magistrate has to consider what would be the
reasonable amount of compensation to be
payable.