Negotiable Instruments Bill 2015 passed

Q.  On 6th Aug’15 the Lok Sabha adopted the Negotiable Instruments (Amendment) Bill 2015 that enables the _________.
- Published on 08 Sep 15

a. Enable Cheque collections on Electronic Mode & Proposed to change the definition of Cheques
b. Proposed to change the definition of Cheques & Lift the penalty over bouncing cheques
c. Lift the penalty over bouncing cheques & Proposed to change the definition of Cheques
d. Increase the penalty over bouncing cheques & Enable Cheque collections on Electronic Mode

ANSWER: Enable Cheque collections on Electronic Mode & Proposed to change the definition of Cheques
 
The proposed law seeks to amend the Negotiable Instruments Act of 1881 in tune with the modern day requirements for enabling electronic mode of operations. Nearly 40 thousand cheque bouncing cases are pending with High Courts and about 19 lakh cases in lower courts across the country.

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