​​​
  1. Govt approves promulgation of Negotiable Instruments Ordinance

Govt approves promulgation of Negotiable Instruments Ordinance

The proposed amendments to the Negotiable Instruments Act, 1881, provide for filing of cases only in a court within whose local jurisdiction the bank branch of the payee is situated, the government said

By: | New Delhi | Published: September 17, 2015 12:32 AM

The Cabinet on Wednesday approved an Ordinance to give relief to lakhs of payees, ordinary people as well as institutions, battling cheque-bounce cases far away from their place. The proposed amendments to the Negotiable Instruments Act, 1881, provide for filing of cases only in a court within whose local jurisdiction the bank branch of the payee is situated, the government said.

The government had brought a Bill in this regard in Parliament on May 6 to amend the Negotiable Instruments Act to settle the jurisdictional issue. While the Lok Sabha approved it on May 13, it could not be taken up in the Rajya Sabha. The Rajya Sabha was adjourned sine die on May 13.

The Cabinet also approved doubling of the Hotgi-Kudgi-Gadag route (284 Km) of the railways at an estimated cost of Rs 2,058 crore.

Of this, Rs 946 crore has been received from NTPC under the customer funding model for doubling of the stretch between Hotgi-Kudgi and the remaining Rs 1,107.58 crore will be funded through budgetary support, it said.

Among other decisions, the Cabinet approved an improved voluntary retirement scheme for employees of the ailing Hooghly Dock & Port Engineers and restructuring of the company through a joint venture with private sector. The company would be disinvested if the joint venture effort failed, the government said.

The Cabinet also cleared ex-post-facto approval to the Rs 800 crore capital infusion made in the Export Import Bank of India to support the future growth of the bank.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Go to Top