Site icon SCC Times

The Negotiable Instruments (Amendment) Ordinance, 2015

On 15.06.2015, the President of India promulgated the Negotiable Instruments (Amendment) Ordinance, 2015. The objective of the Ordinance is to amend the provisions of Negotiable Instruments Act, 1881, for speedy disposal of cases relating to dishonour of cheque. The Negotiable Instruments (Amendment) Bill, 2015 has been passed by the Lok Sabha, however it is still pending in the Rajya Sabha. Whereas, the Parliament is not in Session, the President on the satisfaction that the circumstances exist which renders is necessary for him to take immediate action, promulgated the said Ordinance.

 The Ordinance provides as follows:

‘‘a cheque in the electronic form” means a cheque drawn in electronic  medium by using any computer resource and signed in a secure system with digital signature (with or without biometrics signature) and asymmetric cryptosystem or electronic signature, as the case may be;

 

-Ministry of Law & Justice

Exit mobile version