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NEGOTIABLE ACT 1881
What is the primary legislation governing negotiable instruments in India?
The Negotiable Instruments Act, 1881 governs promissory notes, bills of exchange, and cheques in India. It lays down the rights and liabilities of parties to such instruments.
What is the time limit for issuing a notice under Section 138 of the NI Act after cheque dishonour?
Notice must be issued within 30 days of dishonour.
Which three instruments are specifically defined as negotiable instruments under the NI Act, 1881?
Promissory notes, bills of exchange, and cheques are the three negotiable instruments defined under the NI Act, 1881.
What is the time limit for the drawer to make payment after receiving notice under Section 138?
Drawer must pay within 15 days of receiving notice.
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