Friday, 10 August 2018

The Negotiable Instruments (Amendment) Act, 2018’


With the latest ‘The Negotiable Instruments (Amendment) Act, 2018’ being notified on 02-08-2018.
The following amendments have been made —
With respect to the Section 143 — now introduces a new proviso 143A, giving power to a Court to try an offence under S. 138 to order the drawer of cheque to pay interim compensation to the complainant in summary trials/summons case where he pleads not guilty to the accusations in the complaint. Furthermore, the interim compensation shall not exceed 20 % of amount of the cheque and shall be payable within 60 days from date of the order.
Recovery of fine shall be same as under Section 421 of the Code of Criminal Procedure, 1973. In cases of acquittal, the Court is now empowered to direct the complainant to repay to the appellant the amount so released, at interest rates as prescribed by RBI.
Section 148 — now empowers the appellate court, for appeals against conviction under S. 138, to direct the appellant to deposit a minimum 20 % of the fine/compensation awarded, in addition to interim compensation paid under S. 143A.
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