NI ACT

  1.  WHEN DID THE NI ACT 18881 COME INTO AFFECT MARCH 1, 1882
  2. WHAT WAS THE PURPOSE OF ENACTING NI ACT, GIVE LEGAL FORCE TO COMMERCIAL AND BUSINESS NOTES, USED  BILLS OF EXCHANGE AND CHEQUES 
  3. HOW MANY chapters are THERE IN NI ACT 17 Chapter 
  4. WHICH TYPES OF INSTRUMENTS are covered by promissory notes, BILLS OF EXCHANGE AND CHEQUES
  5. HOW IS CHWQUE DEFINED? SEC 6 DEFINES CHQUE: A TYPE OF BILL OF EXCHANGE DRAWN ON A SPECIFIC BANK AND PAYABLE ON DEMAND TO THE PAYEE OR ORDER 
  6. INTO HOW MANY SECTIONS IS NI ACT DIVIDED 148 SECTIONS AND 17 CHAPTERS 
  7. WHAT IS NOT CONSIDERED NI ACT IS SALE DEED 
  8. NEGOTIABLE MEANS TRANSFERABLE FROM ONE PERSON TO ANOTHER BY SIGNATURE AND HAND OVER 
  9. WHAT IS AN INSTRUMENT MEAN: A FORMAL WRITTEN DOCUMENT THROUGH WHICH A RIGHT OF A PERSON IS CERTIFIED - RIGHT TO RECEIVE MONEY
  10. WHO IS DRAWER UNDER NI ACT: PERSON WHO ISSUES THE NI IS ITS DRAWER, MAKER OF BILL OF EXCHANGE OR CHEQUE IS DRAWER
  11. WHA IS DEFINED IN SEC 4  PROMISSORY NOTE 
  12. APPLIES THORUGHOUT INDIA 
  13. DISHONOUR MEANS REFUSAL TO PAY WHEN PRESENTED FOR PAYMENT  SEC 92, 91 
  14. MAIN CHARACTERISTIC OF NI INSTRUMENT [ IT IS A WRITTEN DOCUMENT SEC 4,5,6
  15. CHEQUE IN SEC 6
  16. WHAT IS THE MAX TIME LIMIT TO ACCEPT UNDER SEC 63? IT IS 48 HOURS TO CONSIDER TO ACCEPT,SEC 63 INCLUDES 48 HOURS
  17. ENDORSEMENT SIGN ON THE BACK OF THE INSTRUMENT 
  18.  PROMISSOR NOTE DEFINED IN SEC 4
  19. HOW MANY DAYS NOTICE IS TO BE GIVEN WITHIN 30 DASYS  NOTICE DEMANDING PAYMENT 
  20. WHAT IS THE VALIDITY PERIOD OF A CHEQUE 3 MONTHS FROM THE DATE OF ISSUE
  21. WHICH IS NOT NI IT IS A LEASE AGREEMENT 
  22. CHQUE BOUNCE SECTIONS ARE 138-142 CHAPTER 12
  23.  SECTION 9 HOLDER IN DUE COURSE 
  24. PUROSE OF CROSSED CHEQUE SECURITY PERSPECTIVE TO RESTRICT PAYMENT TO ONLY A BANKER, IT CANNOT BE CASHED ACROSS A COUNTER 
  25. WHAT IS DRAWER OF A CHEQUE IS ITS  MAKER 
  26. NOTING AND PROTEST: DISHONOUR IS MADE OFFICIAL SEC 99.100, CERTIFIES THROUGH FORMAL PROCESS 
  27. BEARER INSTRUMENT PAYABLE TO WHOEVER HOLDS IT AND PRESENTS IT FOR PAYMENT, TRANSFER THROUGH DELIVERY, EG, CURRENCY NOTES 
  28. HOLDER IS THE PERSON WHO HAS MONEY
  29. NEGOTIABILITY OF INSTURMEN TEXPIRE WHEN IT IS PAID IN DUE COURSE 
  30. WHO IS THE PAYEE IN  A CHQUE , THE PERSON WHO IS RECEIVE THE PAYMENT IS PAYEE PER SEC 7
  31. HOLDER AND HOLDER IN DUE COURSE, HOLDER IS HOLDING SEC 8, HOLDER IN DUE COURSE SEC 9 WHO RECEIVED THE INSTRUMENT FOR VALUE AND IN GOOD FAITH, SUPERIOR TO TRANSFEROR, HE IS FREE FROM FAULTS OF PREVIOUS PARTY, BETTER LEGAL RIGHT
  32. MAX PUNISHMENT OFR DISHONOUREED CHEQU 128 IT WO YEARS IMPRIONMENT, FINE TWICE AMOUNT  
  33. DD IS ISSUED BY A BANK PREPAID INSTRUMENT, DRAWN ON ANOTHER  BRANCH ON REQUEST ISSUE 
  34. NON NEGOTIABLE CROSSED CHEQUE MEANS SEC 130, IT CAN BE TRANSFERRED, PERSONAL TRANFEREE DOES NOT HAVE BETTER TITLE, IT TAKES AWAY RIGHTS HOLDER IN DUE COURSE 
  35. TWO PARTIES IN A PROMISSORY NOTE 
  36. WHO ACCEPTS A BILL OF EXCHANGE IS THE ACCEPTOR 
  37. WHEN IS CHWQUE DISHONOUR D UNDER NI ACT 128 GROUDS GIVE N WHEN NOT POAID ON DEMAND, INSUFFICIENT FUNDS, SIGN NOT MATCH , DATE AND AMOUNT DIFFER 
  38. WHAT IS INCLUDED IN SEC 13 AS NI:  PRMISSOYR NOTE BILL OF EXCHANGE AND CHQUE 
  39. WHAT IS THE TERM FOR ENCASHING A CHEQUE BEFORE DUE DATE IT IS CALLED POST POSTDATED CHEQUE 
  40. WHICH IS TRUE REGARDING THE SECURITY OF A BEARER CHEQUE: IT IS INSECURE, IT IS TRANSFERABLE BY DELIVERY ONLY, 
  41. WHATI SPUPSOE OF CROSSING A CHEQUE: GENERAL CROSSING, SPECIFIC CROSSING, SECURE PAYMENT, NOT PAYABLE ON COUNTER, 
  42. DIFFERENCE BETWEEN DD AND CHEQUE, DD IS GUARANTEED BY BANK , IT IS PREPAID, IT NEVER BOUNCES, CHEQUE IS ISSUED BY THE CUSTOMER, IT CAN BOUNCE IF NO FUNDS ARE THERE
  43. WHO HAS TO SIGN THE CHEQUE DRAWER WILL SIGN THE CHEQUE
  44. WHAT IS THE MEANING OF MATERIAL ALTERATION UNDER SECTION 87, WITHOUT CONSENT, MAIN ITEM OF AMOUNT OF DATE IS CHANGED 
  45. STATLE CHEQUE, THREE MONTHS FROM DATE OF SIGNATURE AND DATE 
  46. WHAT IS THE RIGHTS OF THE HOLDER AND HOLDER IN DUE COURSE? SECOND IS BETTER RIGHTS 
  47. WHAT IS ACCOUNT PAYEE MEAND ON CHEQUE, RESTRICTIVE CROSSING, PAYABLE ONLY TO BANK ACCOUNT 
  48. NI ACT SUMMARY TRIAL: SEC 143
  49. WHICH DATE OF THE CHEQUE IS VALID UNDER NI ACT, ISSUE DATE OF THE CHEQUE IS VALID DATE: THREE MONTHS PLUS TWO DAYS 
  50. WHO PAYS CHQUE UNDE SECTION 49 BANK WILL MAKE PAYEMEN T
  51. What is the NAME OF the cheque crossed once?  CROSSED CHEQUE
  52. TIME FOR GIVING NOTICE ON DISHONOUR IS THIRTY DAYS 
  53. RIGHT OF HOLDER IN DUE COURSE, RIGHT TO TAKE LEGAL ACTION 
  54. WHAT HAPPENS IF THE SIGNATURE IS INCORRECT, A VALID REASON FOR DISHONOUR OF THE CHEQUE
  55. WHICH COURT HAS JURISDICTION IN CHEQUE BOUNCE CASES : IT IS CRIMINAL CASE , SEC 143
  56. WITHIN HOW MANY DAYS MUST DEMAND NOTICE BE SENT 30 DAYS 
  57. WHAT IS THE EFFECT TO SRIKING OUT BEARER FROM THE CHEQUE IT BECOMES A AUTOMATIC ORDER CHEQUE 
  58. SC CASE DISHONOUR CRIMINAL IS MODI CEMENTS V KUCHIL KUMAR NANDI CASE 
  59. WHAT ISSUE CONSIDERED IN DALMIA CEMENT V GALAY TRADERS, RE  POST DATED CHEQUES LIABILITY AS ON DATE MENTIONED ON THE CHQUE 
  60. MODEI CEMENTS V KUMHIK KUMAR NANDI, DRAWER STOPS PAYMENT SEC 138 APPLIES 
  61. SC IN TERRITORIAL JURISDICTIN I K BHASKARAN CASE CAE FILED IN PAYEE PLACE,
  62. DASHRATH RUPSING RATHOD V SAT OF MAHARASHTRA, SC HELD 138 APPLIES ONLY TO THE BRANCH OF THE DRAWER 
  63. MST LEATHER V S PALANIAPPAN CASE MULTIPLE PROSECUTION CAN BE INTITIATED FOR A SINGLE CHEQUE, EACH DISHONOUR CAN GET A NEW CASE 
  64. SC SEC 147 COMPOUNDABLE OFFENCES PERMITTED METERS AND INSTRUMENTS PT LTD V KANCHAN MEHTA 
  65. KRISHNA JANARGHAN BHAR V DATTATERYA HEGDA , PERMUMTION OF DEBT FOR WHICH CHQUE WAS ISSUED - REBUTTABLE PRESUMPTION, 
  66. WHICH CASE NOTICE PRIOD SEC 138 YOGENDRA PRATAP SIGN V SAVITRAI PANDEY 

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