Negotiable Instrument Amendment Act 2018
As we all knows that dishonor of cheque is a criminal offence and punishable by imprisonment up to 2 years or with fine which may extend to twice the amount of the cheque or with both. Chapter XVII (which criminalize cheque bounce) was incorporated for penalties in case of dishonor of cheque due to insufficiency of funds in the account of the drawer of the cheque in the year 1989, since provisions have been found deficient in dealing with dishonor of cheque, Government further amended Section 138, 141 & 142 of the Negotiable Instruments Act, 1881 in the year 2002 wherein 2 years imprisonment or fine upto twice the amount of cheque or with both was provided. As Central Government received several representations from the public including trading community relating to pendency of cheque dishoured cases in the Courts and delay tactics adopted by the unscrupulous drawers of the dishonoured cheque which is causing injustice to the payee and who has to spend considerable time ...