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Negotiable Instrument Act
What is a negotiable instrument as defined under the Negotiable Instruments Act, 1881?
A negotiable instrument is a written document that entitles a person to a sum of money and is transferable by delivery or by endorsement and delivery, conferring title on the holder in due course free from defects.
What is the minimum notice period required before filing a complaint under Section 138 of the NI Act?
15 days written notice to the drawer is mandatory
Which three instruments are expressly recognised as negotiable instruments under the NI Act, 1881?
The NI Act, 1881 expressly recognises promissory notes, bills of exchange, and cheques as negotiable instruments under Section 13.
What is the maximum punishment prescribed under Section 138 of the NI Act for cheque dishonour?
Imprisonment up to two years or fine up to twice the cheque amount
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