BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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9th December, 1881
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19th December, 1881
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1st March, 1882
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none of the above
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Detailed explanation-1: -Provided that such usages may be excluded by any words in the body of the instrument which indicate an intention that the legal relations of the parties thereto shall he governed by this Act; Commencement.-and it shall come into force on the first day of March, 1882.
Detailed explanation-2: -The Negotiable Instrument Act was promulgated in the year 1881 which was introduced to ease the growth of banking and commercial transactions. The basic purpose was to legalize the system of negotiable instruments. The Act was enforced during British rule and to date, most of the provisions still remain unchanged.
Detailed explanation-3: -35:-The NI Act, 1881 came into force with effect from: First day of April, 1882.
Detailed explanation-4: -1. Short title This Act may be called the Negotiable Instruments Act, 1881.
Detailed explanation-5: -An Act to define and amend the law relating to Promissory Notes, Bills of Exchange and Cheques.