Parliament passes bill amending Negotiable Instruments Act

Negotiable instrument

New Delhi, July 26: Parliamentary approval was accorded on Thursday to the Negotiable Instruments (Amendment) Bill, 2018, which amends the 1881 bill to specify penalties for bouncing of cheques, and other violations with respect to such negotiable instruments with the Rajya Sabha passing the law.

The Lok Sabha had passed the Bill on July 23. The Bill has a provision for allowing a court trying an offense related to cheque bouncing to direct the drawer (the person who writes the cheque) to pay interim compensation to the complainant. (IANS)