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Negotiable Instruments Act, 1881
Negotiable Instruments Act, 1881 is an act in India dating from the British Raj, British colonial rule, that is still in force with significant amendments recently. It deals with the law governing the usage of negotiable instruments in India. The word "negotiable" means transferable and an "Legal instrument, instrument" is a document giving legal effect by the virtue of the law History The history of the present Act is a long one. The Act was originally drafted in 1866 by the 3rd Law Commission of India, Indian Law Commission and introduced in December 1867 in the council and it was referred to a Select Committee. Objections were raised by the mercantile community to the numerous deviations from the English Law in which it contained. The Bill had to be redrafted in 1877. After the lapse of a sufficient period for criticism by the Local Governments, the High Courts and the chambers of commerce, the Bill was revised by a Select Committee. In spite of this Bill could not reach the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Imperial Legislative Council
The Imperial Legislative Council (ILC) was the legislature of British Raj, British India from 1861 to 1947. It was established under the Government of India Act 1858 by providing for the addition of six additional members to the Governor General Council for legislative purposes. Thus, the act separated the legislative and executive functions of the council and it was this body within the Governor General's Council which came to known as the Indian/Central Legislative Council. In 1861 it was renamed as Imperial Legislative Council and the strength was increased. It succeeded the Council of Four (India), Council of the Governor-General of India, and was succeeded by the Constituent Assembly of India and after 1950, was succeeded by Parliament of India. During the rule of the East India Company, the council of the Governor-General of India had both executive and legislative responsibilities. The council had four members elected by the Court of Directors. The first three members were ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dishonoured Cheque
A dishonoured cheque (US spelling: dishonored check) is a cheque that the bank on which it is drawn declines to pay ("honour"). There are a number of reasons why a bank might refuse to honour a cheque, with non-sufficient funds (NSF) being the most common, indicating that there are insufficient cleared funds in the account on which the cheque was drawn. An NSF cheque may be referred to as a bad cheque, dishonoured cheque, bounced cheque, cold cheque, rubber cheque, returned item, or hot cheque. Lost or bounced cheques result in late payments and affect the relationship with customers. In England and Wales and Australia, such cheques are typically returned endorsed "Refer to drawer", an instruction to contact the person issuing the cheque for an explanation as to why it was not paid. If there are funds in an account, but insufficient cleared funds, the cheque is normally endorsed "Present again", by which time the funds should have cleared. When more than one cheque is presented fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legislation In British India
Legislation is the process or result of enrolling, enacting, or promulgating laws by a legislature, parliament, or analogous governing body. Before an item of legislation becomes law it may be known as a bill, and may be broadly referred to as "legislation" while it remains under consideration to distinguish it from other business. Legislation can have many purposes: to regulate, to authorize, to outlaw, to provide (funds), to sanction, to grant, to declare, or to restrict. It may be contrasted with a non-legislative act by an executive or administrative body under the authority of a legislative act. Overview Legislation to design or amend a bill requires identifying a concrete issue in a comprehensive way. When engaging in legislation, drafters and policy-makers must take into consideration the best possible avenues to address problem areas. Possible solutions within bill provisions might involve implementing sanctions, targeting indirect behaviors, authorizing agency acti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1881 In Law
Events January * January 1– 24 – Siege of Geok Tepe: Russian troops under General Mikhail Skobelev defeat the Turkomans. * January 13 – War of the Pacific – Battle of San Juan and Chorrillos: The Chilean army defeats Peruvian forces. * January 15 – War of the Pacific – Battle of Miraflores: The Chileans take Lima, capital of Peru, after defeating its second line of defense in Miraflores. * January 24 – William Edward Forster, chief secretary for Ireland, introduces his Coercion Bill, which temporarily suspends habeas corpus so that those people suspected of committing an offence can be detained without trial; it goes through a long debate before it is accepted February 2. Note that Coercion bills had been passed almost annually in the 19th century, with a total of 105 such bills passed from 1801 to 1921. * January 25 – Thomas Edison and Alexander Graham Bell form the Oriental Telephone Company. February * February ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Of Pakistan
The law of Pakistan is the law and legal system existing in the Islamic Republic of Pakistan. Pakistani law is based upon the legal system of British India; thus ultimately on the common law of England and Wales. History Following the establishment of the Dominion of Pakistan in 1947, the laws of the erstwhile British Raj remained in force. At no point in Pakistan's legal history was there an intention to begin the statute book afresh. The founder of Pakistan, Muhammad Ali Jinnah had a vision regarding the law of Pakistan, to implement a system in accordance to Islamic teachings, but it was never fulfilled, although it was fulfilled at the later stage when Pakistan had its first constitution in 1956. This vision, however, did have a lasting effect on later Pakistani lawmakers. During the reign of General Muhammad Zia-ul-Haq, elements of Islamic Sharia law were incorporated into Pakistani law, leading to the institution of a Federal Shariat Court (FSC). In some Federally and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Of India
The List of national legal systems, legal system of India consists of Civil law (common law), civil law, common law, customary law, religious law and corporate law within the legal framework inherited from the colonial era and various legislation first introduced by the British are still in effect in modified forms today. Since the drafting of the Indian Constitution, Indian laws also adhere to the United Nations guidelines on human rights law and the environmental law. Personal law is fairly complex, with each religion adhering to its own specific laws. In most states, registering of marriages and divorces is not compulsory. Separate laws govern Hindus including Sikhs, Jains and Buddhist, Muslims, Christians, and followers of other religions. The exception to this rule is in the state of Goa, where a uniform civil code is in place, in which all religions have a common law regarding marriages, divorces, and adoption. On February 7, 2024, the Indian state of Uttarakhand also i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indian Banks' Association
The Indian Banks' Association (IBA), formed on (26 September 1946), is an unregistered, voluntary association of like-minded banks and individuals in India—a representative body of Indian banks and financial institutions based in Mumbai. With an initial membership of 22 banks in India in 1946, IBA currently represents 247 banking companies operating in India. IBA was formed for the development, coordination, and strengthening of Indian banking and to assist the member banks in various ways, including the implementation of new systems and the adoption of standards among the members. Indian Banks' Association is managed by a managing committee, and the current managing committee consists of one chairman, 3 deputy chairmen, 1 honorary secretary and 26 members. On 20 November 2020, Union Bank of India's MD and CEO Rajkiran Rai was elected as the new Chairman of IBA. Dinesh Khara, Chairman of State Bank of India; Madhav Nair, Country Head and CEO of Mashreq Bank; and S. S. Mallika ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Confederation Of All-India Traders
A confederation (also known as a confederacy or league) is a political union of sovereign states united for purposes of common action. Usually created by a treaty, confederations of states tend to be established for dealing with critical issues, such as defence, foreign relations, internal trade or currency, with the central government being required to provide support for all its members. Confederalism represents a main form of intergovernmentalism, defined as any form of interaction around states that takes place on the basis of sovereign independence or government. The nature of the relationship among the member states constituting a confederation varies considerably. Likewise, the relationship between the member states and the general government and their distribution of powers varies. Some looser confederations are similar to international organisations. Other confederations with stricter rules may resemble federal systems. These elements of such confederations, the inter ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cheque Truncation
Cheque truncation (check truncation in American English) is a cheque clearance system that involves the digitization of a physical paper cheque into a substitute electronic form for transmission to the paying bank. The process of cheque clearance, involving data matching and verification, is done using digital images instead of paper copies. Cheque truncation reduces or eliminates the physical movement of paper cheques and reduces the time and cost of cheque clearance. Cheque truncation also offers the potential reduction in settlement periods with the electronic processing of the cheque payment system. History For cheque clearance, a cheque has to be presented to the drawee bank for payment. Originally, this was done by taking the cheque to the drawee bank, but as cheque usage increased, this became cumbersome and banks arranged to meet each day at a central location to exchange cheques and receive payment in money. This became known as central clearing. Bank customers who r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supreme Court Of India
The Supreme Court of India is the supreme judiciary of India, judicial authority and the supreme court, highest court of the Republic of India. It is the final Appellate court, court of appeal for all civil and criminal cases in India. It also has the power of Judicial review in India, judicial review. The Supreme Court, which consists of the Chief Justice of India and a maximum of fellow 33 judges, has extensive powers in the form of original jurisdiction, original, appellate jurisdiction, appellate and Advisory opinion, advisory jurisdictions. As the apex constitutional court, it takes up appeals primarily against verdicts of the List of High Courts of India, High Courts of various states and tribunals. As an advisory court, it hears matters which are referred by the President of India#Judicial powers, president of India. Under judicial review, the court invalidates both ordinary laws as well as Amendment of the Constitution of India, constitutional amendments as per the basi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Promptitude
In a legal context, promptitude refers to a duty or intention to act without delay. Its opposite is tardiness, also called (in Scots law), ''mora''.Downie, G.Calling time on mora ''Law Society of Scotland'', published 17 May 2010, accessed 2 December 2023 Legislation or judicial rules may require actions to be taken promptly or within a specified timescale, or may provide for actions not taken promptly or within a specified timescale to be ineffective or less effective than actions taken promptly. Examples India *The Banking, Public Financial Institutions and Negotiable Instruments Laws (Amendment) Act, 1988, which amended the Negotiable Instruments Act, 1881, established that payment of a cheque not presented to the bank within six months from the date on which it was drawn could not be enforced if the account against which it was drawn did not have sufficient funds. Ireland *Order 84A of the Rules of the Superior Court was revised by the Irish Government on 8 September 2010 to ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
