Lok Sabha Passes Negotiable Instruments (Amendment) Bill

The Lok Sabha passed the Negotiable Instruments (Amendment) Bill, 2017 which has the provision of allowing a court trying an offence related to cheque bouncing, to direct the drawer to pay interim compensation to the complainant. 
According to the Minister of State for Finance Shiv Pratap Shukla, 16 lakh cheque bouncing cases are lying in the subordinate courts and 35 thousand cases are in the higher judiciary. The interim compensation will not exceed 20% of the cheque amount and will have to be paid by the drawer within 60 days of the trial court’s order to pay such a compensation. 
Source- The Moneycontrol 

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