Lok Sabha passes Negotiable Instruments (Amendment) Bill

SMS VARANASI

i. The Lok Sabha passed the negotiable Instruments (Amendment) Bill, which aims at making filing of cases more convenient for payees if cheques bounce.
ii. The government faced questions from its own members and allies over whether the Bill’s provisions could be used by corporates to harass common people.
iii. The Bill was passed by a voice vote, with Minister of State for Finance Jayant Sinha insisting that it would boost the “integrity of financial system” and not lead to the harassment of the common man.
iv. The Bill was necessitated due to a Supreme Court order that cases against those having defaulted on their cheque payments could only be filed in courts under whose jurisdiction the bank account of the accused fell.

 

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