Various Sections of Negotiable Instrument Act

              PART-1     

Banking Related Acts:
Negotiable Instrument Act–1881,
Bankers’ Books Evidence Act–1891,
Reserve Bank of India Act–1934, Industrial Finance Corporation of India Act–1948,
Banking Companies (Legal Practitioner Clients’ Accounts) Act–1949,
Industrial Disputes (Banking and Insurance Companies) Act–1949,
Banking Regulation(Companies) Rules–1949,
Banking Regulation Act–1949,
State Financial Corporations Act–1951,
Reserve Bank of India (Amendment and Misc. Provisions) Act–1953,
Industrial Disputes (Banking Companies) Decision Act–1955,
State Bank of India Act–1955,
State Bank of India (Subsidiary Banks) Act-1959,
Subsidiary Banks General Regulation–1959,
Deposit Insurance and Credit Guarantee Corporation Act–1961,
 Banking Companies (Acquisition and Transfer of Undertakings) Act–1970,
Regional Rural Banks Act–1976,
Banking Companies (Acquisition and Transfer of Undertakings) Act–1980,
Export-Import Bank of India Act–1981,
National Bank for Agriculture and Rural Development Act–1981,
Chit Fund Act–1982,
Sick Industrial Companies (Special Provisions)Act–1985,
National Housing Bank Act–1987,
SIDBI Act–1989,
Special Court (trial of Offences relating to Transactions in Securities) Act–1992,
Industrial Finance Corporation (Transfer of Undertakings and Repeal) Act–1993,
Industrial Reconstruction Bank (Transfer of Undertaking and Appeal) Act–1997,
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act-(SARFASI-2002),
Industrial Development Bank (Transfer of Undertaking and Repeal) Act–2003,
Credit Information Companies (Rules and Regulation) Act–2005,
Industrial Finance Corporation of India Act–1948,
Banking Companies (Legal Practitioner Clients’ Accounts) Act–1949,
Industrial Disputes (Banking and Insurance Companies) Act–1949,
State Financial Corporations Act–1951,
Reserve Bank of India (Amendment and Misc. Provisions) Act–1953,
Industrial Disputes (Banking Companies) Decision Act–1955,
State Bank of India Act–1955,State Bank of India (Subsidiary Banks) Act-1959,
Subsidiary Banks General Regulation–1959,
Deposit Insurance and Credit Guarantee Corporation Act–1961,
National Bank for Agriculture and Rural Development Act–1981,
Shipping Development Fund Committee (Abolition)Act–1985,
Sick Industrial Companies (Special Provisions)Act–1985,
National Housing Bank Act–1987,
NABARD General Regulations - 1982

Negotiable Instruments Act, 1881

Section 4 – Promissory note ,

Section 5 – Bill of exchange,

Section 6 – Cheque,

Section 13 – Negotiable Instruments,

Section 123 – Cheque Crossed Generally,

Section 124, 126 – Cheque crossed specially,

Section 130 – Cheque bearing Not Negotiable,

Section 118 – Presumptions as to Negotiable Instruments

Reserve Bank of India Act, 1934

Section 17 – Defines Business of RBI,

Section 18 – Deals with Emergency loans to Banks,

Section 22 – only RBI has the exclusive rights to issue currency notes in India,

Section 24 – maximum denomination a note can be Rs. 10,000,

 section 26 – Describes the legal tender character of Indian bank notes,
 
Section 28 – Allows the RBI to form rules regarding the exchange of damaged and imperfect notes, 

Section 31 – In India only the RBI or the central government can issue and accept promissory notes that are payable on demand, 

Section 42(1) – Every scheduled bank must have an average daily balance with the RBI                 
 
More about sections of Negotiable instrument act

Section-1: According to this section, Indian Paper Currency act 1871 can not be affected.                                        

Section-3: According to this section negotiable act is valid throughout India including Jammu and Kashmir. 

Section-4: In this section promissory note is defined.                           

Section-5: In this section Bill of Exchange is defined.               

  Section-6: All cheque are defined including electronic and truncated cheque also.                             

 Section-7: In this section drawer, drawee in case of need acceptor, acceptor for honour , payee is defined.                                       

Section-8: Holder defined.       

Section-9: holder in due course defined.                                      

Section-10: Paying Banker's protection if payment is made in due course.                                     

  Section-11: Domestic instruments is defined.                                     

Section-12:Foreign instruments is defined.                                      

Section-13: According to this section negotiable instruments defined indirectly.                     

 Section-14: Negotiation is defined. Section-15: Endorsement and Endorsee are defined.                                                    Please Click here to read more sections of negotiable instrumental act part-2.              

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