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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]
A hundi for Rs 2500 of 1951, stamped in the Bombay Province with a pre-printed revenue stamp.. A hundi or hundee is a financial instrument that was developed in Medieval India for use in trade and credit transactions.
Negotiable Instruments Act; ... was an Indian revolutionary from Tamil Nadu who fought against British colonial rule in India_2 April 1881. ... at 10:32 (UTC). Text ...
Apart from this, certain holidays which are celebrated nationally are declared centrally by the Union Government. Additionally, various state governments and union territories designate additional holidays on local festivals or days of importance as holidays as per section 25 of the Negotiable Instruments Act, 1881.
Banking Regulation Act: 1949: 10 West Godavari District (Assimilation of Laws on Federal Subjects) Act: 1949: 20 Chartered Accountants Act: 1949: 38 Industrial Disputes (Banking and Insurance Companies) Act: 1949: 54 Police Act: 1949: 64 Central Reserve Police Force Act: 1949: 66 High Courts (Seals) Act: 1950: 7 Immigrants (Expulsion from Assam ...
The Banking, Public Financial Institutions and Negotiable Instruments Laws (Amendment) Act, 1988, which amended the Negotiable Instruments Act, 1881, established that payment of a cheque not presented to the bank within six months from the date on which it was drawn could not be enforced if the account against which it was drawn did not have sufficient funds.
First Factory Act (1881) Negotiable Instruments Act, 1881; First complete Census in India (1881) Repeal of the Vernacular Press Act (1882) Establishment of Panjab University (1882) Government resolution on local self-government (1882) [16] Appointment of Education Commission under Sir William Wilson Hunter (1882) [17] Ilbert Bill (1883) Passed ...