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| Topic: |
Business
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| Number of pages / Number of words: |
10 / 2525 |
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Consequently, there was no need to amend these laws for over a hundred years.
It was only in 1988 that a need to revise the law was felt. Therefore, on the suggestions of the Law Commission, The Banking, Public Financial Institutions and Negotiable Instruments Law (Amendment) Act, 1988 was passed by the Parliament...
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This Act introduced a new chapter, namely Chapter XVII (Section 138 -- Section 142), to the Negotiable Instrument Act 1881. The Chapter is described to be a complete code in itself with respect to the dishonour of cheques and deals with various aspects of dishonour of cheques such as:
- What is the offence of dishonour of cheques;
- The quantum of punishment for committing of such offence;
- Offences committed by companies;
- Procedure to file complaint before the Court etc...
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General points of the essay
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