Summary
The Negotiable Instruments Act, 1881 is an Indian law that deals with negotiable instruments such as promissory notes, bills of exchange, and cheques. The Act provides the legal framework for the use of such instruments and regulates the rights and liabilities of the parties involved in their use. The Act defines what constitutes a negotiable instrument, outlines the rules for their transfer, and specifies the obligations and duties of the parties involved. It also provides for the consequences of dishonouring a negotiable instrument, including the procedure for issuing a notice of dishonour and the consequences of non-payment. The Act applies to the whole of India and is an important law for businesses and individuals who use negotiable instruments in their commercial transactions.
