{"id":152,"date":"2015-06-24T13:05:15","date_gmt":"2015-06-24T07:35:15","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=152"},"modified":"2021-12-29T12:40:00","modified_gmt":"2021-12-29T07:10:00","slug":"approval-of-negotiable-instruments-amendment-bill","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/approval-of-negotiable-instruments-amendment-bill\/","title":{"rendered":"Approval of Negotiable Instruments (Amendment) Bill"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a0140578c1bd\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a0140578c1bd\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/approval-of-negotiable-instruments-amendment-bill\/#I_Approval_to_introduce_the_Negotiable_Instruments_Amendment_Bill_2015_in_Parliament\" title=\"I Approval to introduce the Negotiable Instruments (Amendment) Bill, 2015 in Parliament\">I Approval to introduce the Negotiable Instruments (Amendment) Bill, 2015 in Parliament<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/approval-of-negotiable-instruments-amendment-bill\/#_The_rate_of_interest_is_applicable_to_the_above_funds_wef_1st_April_2015_and_until_further_orders\" title=\"\u00a0The rate of interest is applicable to the above funds w.e.f. 1st April, 2015 and until further orders.\">\u00a0The rate of interest is applicable to the above funds w.e.f. 1st April, 2015 and until further orders.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/approval-of-negotiable-instruments-amendment-bill\/#Budget_2021\" title=\"Budget 2021:\">Budget 2021:<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/approval-of-negotiable-instruments-amendment-bill\/#CORPORATE_AND_PROFESSIONAL_UPDATE_MARCH_15_2017\" title=\"CORPORATE AND PROFESSIONAL UPDATE MARCH 15, 2017\">CORPORATE AND PROFESSIONAL UPDATE MARCH 15, 2017<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/approval-of-negotiable-instruments-amendment-bill\/#GOOD_AND_SERVICE_TAX_GST\" title=\"GOOD AND SERVICE TAX (GST)\">GOOD AND SERVICE TAX (GST)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/approval-of-negotiable-instruments-amendment-bill\/#Glimpse_of_real_EstateRegulation_and_Development_Act_2016\" title=\"Glimpse of real Estate(Regulation and Development) Act, 2016\u00a0\">Glimpse of real Estate(Regulation and Development) Act, 2016\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/approval-of-negotiable-instruments-amendment-bill\/#Govt_of_India_reduces_rates_on_small_savings_schemes_by_up_to_11_New_rates_effective_for_April-June_2021\" title=\"Govt of India reduces rates on small savings schemes by up to 1.1% \u00a0New rates effective for April-June 2021.\">Govt of India reduces rates on small savings schemes by up to 1.1% \u00a0New rates effective for April-June 2021.<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"I_Approval_to_introduce_the_Negotiable_Instruments_Amendment_Bill_2015_in_Parliament\"><\/span><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/27.png\" rel=\"attachment wp-att-1530\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1530\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/27-300x171.png\" alt=\"27\" width=\"991\" height=\"565\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/27-300x171.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/27-768x439.png 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/27.png 866w\" sizes=\"(max-width: 991px) 100vw, 991px\" \/><\/a><span style=\"color: #800080;\"><strong>I Approval to introduce the Negotiable Instruments (Amendment) Bill, 2015 in Parliament<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the proposal to introduce the Negotiable Instruments (Amendment) Bill, 2015 in Parliament.<\/p>\n<p style=\"text-align: justify;\">The amendments are focused on clarifying jurisdiction related issues for filing cases of the offence committed under Section 138 the Negotiable Instruments Act,1881 (NI Act).<\/p>\n<p style=\"text-align: justify;\">Section 138 of the NI Act deals with the offence pertaining to the dishonour of cheque for insufficiency, etc., of funds in the drawer\u2019s account on which the cheque is drawn for the discharge of any legally enforceable debt or other liability.<\/p>\n<p style=\"text-align: justify;\">Section 138 provides for penalties in case of dishonour of cheques due to insufficiency of funds in the account of the drawer of the cheque.<\/p>\n<p>The main amendment included in this is the stipulation that the offence of rejection\/return of cheque u\/s 138 of NI Act will be enquired into and tried only by a Court within whose local jurisdiction the bank branch of the payee, where the payee presents the cheque for payment is situated.<\/p>\n<p style=\"text-align: justify;\">The object of the NI Act is to encourage the usage of the cheque and enhance the credibility of the instrument so that normal business transactions and settlement of liabilities could be ensured.<\/p>\n<p style=\"text-align: justify;\">The clarification of jurisdictional issues may be desirable from the equity point of view as this would be in the interests of the complainant and would also ensure a fair trial.<\/p>\n<p style=\"text-align: justify;\">Clarity on the jurisdictional issues for trying cases of cheque bouncing would increase the credibility of the cheque as a financial instrument.<\/p>\n<p style=\"text-align: justify;\">This would help trade and commerce in general and allow lending institutions, including banks, to continue to extend financing to the economy, without the apprehension of the loan default on account of bouncing of a cheque.<\/p>\n<p style=\"text-align: justify;\">Action will be initiated to introduce the Negotiable instruments (Amendment) Bill, 2015 in Parliament in the second phase of the current Session of Parliament.<\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/02\/S.jpeg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-11206\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/02\/S.jpeg\" alt=\"\" width=\"1021\" height=\"573\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/02\/S.jpeg 1000w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/02\/S-300x169.jpeg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/02\/S-768x432.jpeg 768w\" sizes=\"(max-width: 1021px) 100vw, 1021px\" \/><\/a><\/p>\n<p><span style=\"color: #800080;\">II\u00a0<strong>Government Decides to Fix Interest Rates at 8.7% for General Provident Fund(GPF) and other Similar Funds Including Special Deposit Scheme, 1975(SDS,1975) for Non-Government Provident, Superannuation and Gratuity Funds for the Financial Year 2015-16<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">\u00a0It was decided by the Government to link the interest rates of State PFs (General Provident Fund and other similar funds) including Special Deposit Scheme, 1975 (SDS, 1975) for Non-Government Provident, Superannuation and Gratuity Funds for the FY 2015-16 to <a href=\"https:\/\/www.caindelhiindia.com\/blog\/?s=Public+Provident+fund\">Public Provident Fund (PPF)<\/a> rates.<\/p>\n<p style=\"text-align: justify;\">In pursuance of that decision, the Government has decided to fix the rates\u00a0<span style=\"color: #800080;\"><strong>8.7% per annum<\/strong><\/span>\u00a0applicable to the following:-<\/p>\n<ul style=\"text-align: justify;\">\n<li>The General Provident Fund (Central Services).<\/li>\n<li>The Contributory Provident Fund (India).<\/li>\n<li>The All India Service Provident Fund.<\/li>\n<li>The State Railway Provident Fund.<\/li>\n<li>The General Provident Fund (Defence Services).<\/li>\n<li>The Indian Ordnance Provident Fund.<\/li>\n<li>The Indian Ordnance Factories Workmen\u2019s Provident Fund.<\/li>\n<li>The Indian Naval Dockyard Workmen\u2019s Provident Fund.<\/li>\n<li>The Defence Services Officers Provident Fund.<\/li>\n<li>The Armed Forces Personnel Provident Fund.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"_The_rate_of_interest_is_applicable_to_the_above_funds_wef_1st_April_2015_and_until_further_orders\"><\/span><span style=\"color: #800080;\">\u00a0The rate of interest is applicable to the above funds w.e.f. 1<sup>st<\/sup> April, 2015 and until further orders.<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Recently, the Government had kept the interest rates for PPF and other Small Savings Schemes intact.<\/p>\n<p style=\"text-align: justify;\">However, interest rates for 5 year Senior citizen Saving <span style=\"color: #800080;\">Scheme<\/span> and Sukanya Samriddhi Account Scheme have been increased from 9.2 to 9.3% and 9.1 to 9.2% respectively. keeping in view the commitment of the Government towards the welfare of the girl child and the senior citizens.&#8217;<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Budget_2021\"><\/span><span style=\"color: #800080;\"><strong>Budget 2021:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Contributions to the Employee Provident Fund (EPF) above INR 2,50,000\/- per year will be kept separate basket and taxed in the same way as fixed deposits, without any double taxation.<\/p>\n<p style=\"text-align: justify;\">Whatever contribution you make to the Provident Fund, what&#8217;s in exceeding INR 2,50,000\/-, it will be in a different basket and the interest on that specific corpus will be taxable.<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/06\/download-161.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-11266\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/06\/download-161.jpg\" alt=\"\" width=\"976\" height=\"734\" \/><\/a><\/p>\n<ul>\n<li>PPF\u00a0 Cut to 6.4% from 7.1%<\/li>\n<li>Sukanya Samriddhi Account Scheme Cut to 6.9% from 7.6%<\/li>\n<\/ul>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/06\/saving.jpeg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-11267\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/06\/saving-1024x998.jpeg\" alt=\"\" width=\"943\" height=\"918\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/06\/saving-1024x998.jpeg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/06\/saving-300x292.jpeg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/06\/saving-768x748.jpeg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/06\/saving.jpeg 1060w\" sizes=\"(max-width: 943px) 100vw, 943px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>For query or help, contact:\u00a0\u00a0 <a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a>\u00a0or call at 9555555480<\/p>\n<p><b>Popular blog:-<\/b><\/p>\n<ul>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_MARCH_15_2017\"><\/span><strong><a href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-15-2017\/\">CORPORATE AND PROFESSIONAL UPDATE MARCH 15, 2017<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"GOOD_AND_SERVICE_TAX_GST\"><\/span><strong><a href=\"https:\/\/carajput.com\/blog\/goods-and-service-tax-gst\/\">GOOD AND SERVICE TAX (GST)<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"Glimpse_of_real_EstateRegulation_and_Development_Act_2016\"><\/span><strong><a href=\"https:\/\/carajput.com\/blog\/glimpse-of-real-estate-regulation-and-development-act-2016\/\">Glimpse of real Estate(Regulation and Development) Act, 2016\u00a0<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"Govt_of_India_reduces_rates_on_small_savings_schemes_by_up_to_11_New_rates_effective_for_April-June_2021\"><\/span><a href=\"https:\/\/carajput.com\/press-releases\/govt-of-india-reduces-rates-on-small-savings-schemes-by-up-to-11-new-rates-effective-for-apriljune-2021.pdf\">Govt of India reduces rates on small savings schemes by up to 1.1% \u00a0New rates effective for April-June 2021.<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>I Approval to introduce the Negotiable Instruments (Amendment) Bill, 2015 in Parliament The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the proposal to introduce the Negotiable Instruments (Amendment) Bill, 2015 in Parliament. The amendments are focused on clarifying jurisdiction related issues for filing cases of the offence committed under Section &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[249,258],"tags":[2776,2779,2775,2780],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/152"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=152"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/152\/revisions"}],"predecessor-version":[{"id":1081,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/152\/revisions\/1081"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=152"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=152"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=152"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}