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Govt likely to amend NIA in monsoon session

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The government is looking to amend the Negotiable Instruments Act in the upcoming monsoon session in a push for less cash economy, and a draft Bill in this regard is being readied." We have worked out something.

It will go for Cabinet approval and we are hoping to introduce it in the monsoon session," a senior finance ministry official said.
However, the official did not share details. Finance Minister Arun Jaitley had made an announcement to this effect in the Budget 2017-18 (rpt) 2017-18."As we move faster on the path of digital transactions and cheque payments, we need to ensure the payees of dishonoured cheques are able to realise the payments.

The government is there fore considering the option of amending the Negotiable Instruments Act suitably,” Jaitley had said.
In 2015, Parliament passed amendment to the Negotiable Instrument Act, providing for filing of cheque bounce cases at the place where a cheque is presented for clearance and not the place of issuance.

Business Standard New Delhi, 09th May 2017

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