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Report No. 11

5. Suggestions of Chambers and Bankers' Associations considered.-

Immediately after the work was taken up by us a press note was issued inviting suggestions for reform from the public. Apart from this, important commercial bodies, such as the Chambers of Commerce1 as well as the State Governments were addressed individually for their suggestions. Some of these commercial bodies2 offered their views in writing. Besides Shri G. N. Das, Member (assisted by Joint Secretary, Shri Basu) had discussions with the representatives of the Chambers at Calcutta, while Shri P. Satyanarayana Rao and Shri V.K. Thiruvenkatachari, Members, had discussions with the representatives of similar Associations at Madras, on the basis of their memoranda received earlier.

Two Associations of Bombay sent their memoranda subsequent to the Commission's visit to that place. The Bombay Shroffs' Association sent a deputation to us and we heard their representatives on certain questions. We desire to express our thanks for the valuable suggestions made by these Chambers of Commerce and Associations. The major suggestions made by them will be considered presently; the rest will be considered in their appropriate places when dealing with the relevant provisions of the Act.

1. Vide App IV.

2. Vide App V.

6. It has to be mentioned at the outset that the title "Negotiable Instruments Act" is somewhat misleading as it conveys the idea, at first sight, that it is a comprehensive enactment relating to all negotiable instruments whether recognised as such by law or by usage or custom. A perusal of section 13 of the Act shows, however, that the Act is confined only to three specific types of negotiable instruments, viz., promissory note, bill of exchange and cheque. The codified law in India relating to negotiable instruments thus deals, as in England, only with the aforesaid three instruments.

Negotiable Instruments Act, 1881 Back

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