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NEGOTIABLE INSTRUMENTS ACT

NEGOTIABLE INSTRUMENTS ACT

Our company deals with various Cheque Bounce, Demand Draft cases under the Negotiable Instruments Act which acts as a protection law and provides way for the individuals to fight back against the fraudulent and cheating tactics. “A negotiable instrument is one, the property in which is acquired by one who takes it bona fide and for value, notwithstanding any defects of title in the person from whom he took it; from which it follows that any instrument cannot be negotiable unless it is such and in such a state that the true owner can transfer the contract or engagement contained therein by simple delivery of the instrument. A "bill of exchange" is an instrument which is in writing and contains an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of, a certain person or to the bearer of the instrument. A promise or order to pay is not "conditional", within the meaning of Section 4 and section 5, by reason of the time for payment of the amount or any installment thereof being expressed to be on the lapse of a certain period after the occurrence of a specified event which, according to the ordinary expectation of mankind, is certain to happen, although the time of its happening may be uncertain.

The sum payable may be "certain", within the meaning of section 5 and section 4, although it includes future interest or is payable at an indicated rate of exchange, or is according to the course of exchange, and although the instrument provides that, on default of payment of an installment, the balance unpaid shall become due. The person to whom it is clear that the direction is given or that payment is to be made may be a "certain person", within the meaning of  section 5 and section 4, although that person is mis-named or designated by description only. The instrument must be complete at the time of transport. A cheque is bill of exchange drawn on a specified banker and not expressed to be payable otherwise than on demand and which also includes the electronic image of an abridged cheque and a cheque in the electronic form. A cheque in the electronic form means a cheque which contains the exact mirror image of a paper cheque, and which is generated, written and signed through  a secure system ensuring the minimum safety standards with the use of the digital signature (with or without biometrics signature) and also through asymmetric crypto system. A truncated cheque means a cheque which is truncated during the course of a clearing cycle, either by the clearing house or by the bank whether paying or receiving the payment, immediately on generation of an electronic image for transmission, substituting the further physical movement of the cheque in writing. Our companys chief motive is to legalize the system under which negotiable instruments pass from hand to hand to negotiation. Our companys every effort is to interpret the provisions of the Act to achieve and promote the object of the Act so that no person is deprived of justice.