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The draft thus prepared for the fourth time was introduced in the council and was passed into law in 1881 being the Negotiable Instruments Act, 1881 (Act No.26 of 1881). [1] The most important class of Credit Instruments that evolved in India were termed Hundi. Their use was most widespread in the twelfth century and has continued till today.
According to section 4 of India's Negotiable Instruments Act, 1881, "a Promissory Note is a 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 the bearer of the instrument". [14]
Such a hundi is not negotiable, and the prevalence of such hundis is very rare these days because banks and insurance companies refuse to accept such hundis. Jawabi Hundi - if money is transferred from one place to another through the hundi and the person receiving the payment on is to give an acknowledgement (jawab) for same, then such a hundi ...
In India, a bounced check is a criminal offense, punishable by fines, jail term, or both under Section 138 of the Negotiable Instruments Act, 1881. [ 6 ] [ 7 ] Israel
Partition Act, 1893; Presidency-Towns Insolvency Act, 1909; Provincial Insolvency Act, 1920; Recovery of Debts Due to Banks and Financial Institutions Act, 1993; Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest fact, 2002; Contract Act, 1872; Sale of Goods Act, 1930; Negotiable Instruments Act, 1881 ...
Year of enactment is 1881 not 1981 and it is the part of Mercantile Law. It is also a part of Indian Law and thus request you all not to remove the category tag of Category:Indian law and Category:Mercantile_law. Soon going to add some landmark judgments of Negotiable Instruments Act.
In commercial law, a holder in due course (HDC) is someone who takes a negotiable instrument in a value-for-value exchange without reason to doubt that the instrument will be paid. If the instrument is later found not to be payable as written, a holder in due course can enforce payment by the person who originated it and all previous holders ...
Law pertaining to negotiable instruments. ... Bankers' Books Evidence Act, 1891; ... Negotiable Instruments Act, 1881;