Company secretary’s liability in cases of cheque bouncing under Negotiable Instruments Act 1881 – a case study

The Negotiable Instrument Act was first drafted in the year 1866 and came into force in the year 1881 when we were under colonial law. Almost after a century, Chapter XVII, section 138 to 142 were inserted in the Negotiable Instruments Act vide section 4 of the Banking, Public Financial Institutions and Negotiable Instruments Laws (Amendment) Act, 1988. Section 138 of the Negotiable Instruments Act deals with the punishment for the dishonour of the cheque.The Negotiable Instrument Act was first drafted in the year 1866 and came into force in the year 1881 when we were under colonial law. Almost after a century, Chapter XVII, section 138 to 142 were inserted in the Negotiable Instruments Act vide section 4 of the Banking, Public Financial Institutions and Negotiable Instruments Laws (Amendment) Act, 1988. Section 138 of the Negotiable Instruments Act deals with the punishment for the dishonour of the cheque.taxmann.com Latest ArticlesRead More

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