GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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On 6th Aug’15 the Lok Sabha adopted the Negotiable Instruments (Amendment) Bill 2015 that enables the ____
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Lift the penalty over bouncing cheques & Proposed to change the definition of Cheques
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Proposed to change the definition of Cheques & Lift the penalty over bouncing cheques
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Increase the penalty over bouncing cheques & Enable Cheque collections on Electronic Mode
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Enable Cheque collections on Electronic Mode & Proposed to change the definition of Cheques
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Explanation:
Detailed explanation-1: -Section 6 in The Negotiable Instruments Act, 1881. 1 [ 6 “Cheque”.-A “cheque” is a bill of exchange drawn on a specified banker and not expressed to be payable otherwise than on demand and it includes the electronic image of a truncated cheque and a cheque in the electronic form.
Detailed explanation-2: -(1) A “negotiable instrument” means a promissory note, bill of exchange or cheque payable either to order or to bearer.
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