Question- On January 2nd, 2018, the Central Government introduced the Negotiable Instruments (Amendment) Bill, 2017 in Lok Sabha. Consider the following statements related to this:
(i) The proposed bill provides for the removal of unnecessary delays in disposal of check bounce case.
(ii) According to the proposed bill, the concerned court can issue an order to interim compensation to the complainant from the issuer of check.
(iii) The amount of check issued in the interim compensation amount cannot exceed 30 percent.
Which of the above mentioned statements / statements are correct?
(a) Only (i)
(b) (i) and (ii)
(c) (i) and (iii)
(d) All of the above
Answer: (b)
Related Facts:
- On January 2nd, 2018, Minister of State for Finance Shiv Prasad Shukla presented the Negotiable Instruments (Amendment) Bill 2017; in Lok Sabha, on the behalf of Union Finance Minister Arun Jaitley.
- In this there has been a provision to remove unnecessary delays in disposal of check bounce case.
- According to the Bill brought for amendment in the Negotiable Instruments Act, 1881, the concerned court can issue the order for the issuer to provide interim compensation to the complainant.
- The court may order interim compensation in the case of short hearing and summons, despite the receipt by the issuer expressing of his own innocence.
- The interim compensation amount cannot exceed 20 percent of the check amount.
- If the issuer is acquitted in the case, then the court may ask the complainant to return the received interim compensation with interest.
Reference:
http://www.prsindia.org/uploads/media/Negotiable%20instrument/Negotiable%20Instruments%20Amendment%20Bill%202017.pdf
http://www.thehindubusinessline.com/economy/policy/chequebounce-case-new-bill-in-lok-sabha-to-provide-for-interim-compensation/article10009079.ece
http://www.prsindia.org/billtrack/the-negotiable-instruments-amendment-bill-2017-5026/