Negotiable Instruments Act 01 Preliminary

A 'Bare act' is the actual legislation passed by the Parliament of India. Generally, an act sets out the high level legal and policy principles applicable to the subject matter of the law.

Most acts are accompanied by 'subsidiary legislation' such as rules, regulations, notifications and orders; which address the actual implementation detail of the act.

Negotiable Instruments Act, 1881

Preamble.

An Act to define and amend the law relating to Promissory Notes, Bills of Exchange and Cheques.

WHEREAS it is expedient to define and amend the law relating to, promissory notes, bills of exchange and cheques; It is hereby enacted as follows:

Chapter I – Preliminary

Section 1 – Short title

This Act may be called the Negotiable Instruments Act, 1881. Local extent. Saving of usages relating to hundis, etc. It extends to the whole of India but nothing herein contained affects the ‘Indian Paper Currency Act, 1871, (3 of 1871). section 21, or affects any local usage relating to any instrument in an oriental language: Provided that such usages may be excluded by any words in the body of the instrument which indicate an intention that the legal relations of the parties thereto shall be governed by this Act and it shall come into force on the first day of March, 1882.

Section 2 – Commencement

[Repeal of enactments.]

Section 3 – Interpretation – clause

In this Act – “banker” includes any person acting as a banker and any post office savings bank;

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