Government Considering Suitable Amendments In Negotiable Instruments Act: FM

Government Considering Suitable Amendments In Negotiable Instruments Act: FM

Union Finance Minister Arun Jaitley in his Budget Speech on Wednesday said that the Government is considering option of amending the Negotiable Instruments Act suitably. ”As we move faster on the path of digital transactions and cheque payments, we need to ensure that the payees of dishonoured cheques are able to realise the payments. Government is therefore considering the option of amending the Negotiable Instruments Act suitably”.

The Negotiable Instruments (Amendment) Act 2015 came in to force with retrospective effect from 15th June 2015.

The above said Amendment was introduced to neutralize the Supreme Court Judgment in Dashrath Rupsingh Rathod vs. State of Maharashtra.

Tribunals

Finance Minster also proposed to rationalise the number of tribunals and merge tribunals wherever appropriate.

“Over the years, the number of tribunals have multiplied with overlapping functions. We propose to rationalise the number of tribunals and merge tribunals wherever appropriate”, he said.

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