New Enroll here to Join NaBFID Analyst Into Class on May 6

    Question

    Sections 143 to 147 of Negotiable Instruments Act, 1881

    came into force on:-
    A 6 February 2002 Correct Answer Incorrect Answer
    B 6 February 2003 Correct Answer Incorrect Answer
    C 1 April 2002 Correct Answer Incorrect Answer
    D 1 April 2003 Correct Answer Incorrect Answer

    Solution

    When certain deficiencies were found in dealing with cases of dishonour of cheques, certain significant amendments were made to the NI, Act effective from 06.02.2003. New Sections 143 to 147were inserted empowering Magistrate to adopt summary trial for expeditious disposal within 6 months, to levy fine double the amount of cheque. More particularly Section 147 allowed parties to compound the offence.

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