The Lok Sabha yesterday passed the Negotiable Instruments (Amendment) Bill. The Bill simplifies the law relating to cheque bouncing and makes if convenient for payees if the cheque bounces.
The Bill also introduces a new Section [142A] in the N.I Act. It reads as follows;
"(1) Notwithstanding anything contained in the Code of Criminal Procedure, 1973 or any other judgment, decree, order or directions of any court, all cases arising out of section 138 which were pending in any court, whether filed before it, or transferred to it, before the commencement of the Negotiable Instruments (Amendment) Act, 2015, shall be transferred to the court having jurisdiction under sub-section (2) of section 142 as if that sub-section had been in force at all material times.
You may read more of our coverage on law relating to negotiable instruments here.
Read the Bill here.