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Page 1
LEARNING OUTCOMES
THE NEGOTIABLE
INSTRUMENTS ACT, 1881
After studying this chapter, you would be able to understand-
? The meaning, characteristics and elements of different kinds of
negotiable instruments
? Classification and various ways of negotiation, Know about
provisions related to Presentment of Instruments and Rules of
Compensation
Chapter covers following headings
Notes, Bills &
Cheques-Types,
Classification and its
characterstics
Modes of
Negotiation
Presentment of
Instruments
Rules of
Compensation
CHAPTER
7
CHAPTER OVERVIEW
© The Institute of Chartered Accountants of India
Page 2
LEARNING OUTCOMES
THE NEGOTIABLE
INSTRUMENTS ACT, 1881
After studying this chapter, you would be able to understand-
? The meaning, characteristics and elements of different kinds of
negotiable instruments
? Classification and various ways of negotiation, Know about
provisions related to Presentment of Instruments and Rules of
Compensation
Chapter covers following headings
Notes, Bills &
Cheques-Types,
Classification and its
characterstics
Modes of
Negotiation
Presentment of
Instruments
Rules of
Compensation
CHAPTER
7
CHAPTER OVERVIEW
© The Institute of Chartered Accountants of India
BUSINESS LAWS
7.2
INTRODUCTION
The law relating to negotiable instruments is the law of the commercial world which was
enacted to facilitate the activities in trade and commerce making provision for giving
sanctity to the instruments of credit which could be deemed to be convertible into money
and easily passable from one person to another. In the absence of such instruments, the
trade and commerce activities were likely to be adversely affected as it was not practicable
for the trading community to carry with it the bulk of the currency in force. The source of
Indian law relating to such instruments is admittedly the English Common Law.
The main objective of the Act is to legalise the system by which instruments contemplated
by it could pass from hand to hand by negotiation like any other goods.
The Law in India relating to negotiable instruments is contained in the Negotiable
Instruments Act, 1881. This is an Act to define and amend the law relating to promissory
notes, bills of exchange and cheques. The Act applies to the whole of India, but nothing
herein contained affects the Reserve Bank of India Act, 1934, (section 21 which provides the
Bank to have the right to transact Government business in India), or affects any local usage
relating to any instrument in an oriental language.
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 be governed
by this Act; and it shall come into force on the first day of March, 1882.
The provisions of this Act are also applicable to Hundis, unless there is a local usage to the
contrary. Other native instruments like Treasury Bills, Bearer Debentures, Railway Receipts,
Delivery Orders, Bill of Lading etc. are also considered as negotiable instruments either by
mercantile custom or under other enactments.
Recent developments: The Act was amended several times. Following are the significant
amendments made in the Negotiable Instruments Act, 1881 (N.I. Act):
? The Negotiable Instruments (Amendment and Miscellaneous Provisions) Act, 2002;
? The Negotiable Instruments (Amendment) Act, 2015, and
? The Negotiable Instruments (Amendment) Act, 2018.
© The Institute of Chartered Accountants of India
Page 3
LEARNING OUTCOMES
THE NEGOTIABLE
INSTRUMENTS ACT, 1881
After studying this chapter, you would be able to understand-
? The meaning, characteristics and elements of different kinds of
negotiable instruments
? Classification and various ways of negotiation, Know about
provisions related to Presentment of Instruments and Rules of
Compensation
Chapter covers following headings
Notes, Bills &
Cheques-Types,
Classification and its
characterstics
Modes of
Negotiation
Presentment of
Instruments
Rules of
Compensation
CHAPTER
7
CHAPTER OVERVIEW
© The Institute of Chartered Accountants of India
BUSINESS LAWS
7.2
INTRODUCTION
The law relating to negotiable instruments is the law of the commercial world which was
enacted to facilitate the activities in trade and commerce making provision for giving
sanctity to the instruments of credit which could be deemed to be convertible into money
and easily passable from one person to another. In the absence of such instruments, the
trade and commerce activities were likely to be adversely affected as it was not practicable
for the trading community to carry with it the bulk of the currency in force. The source of
Indian law relating to such instruments is admittedly the English Common Law.
The main objective of the Act is to legalise the system by which instruments contemplated
by it could pass from hand to hand by negotiation like any other goods.
The Law in India relating to negotiable instruments is contained in the Negotiable
Instruments Act, 1881. This is an Act to define and amend the law relating to promissory
notes, bills of exchange and cheques. The Act applies to the whole of India, but nothing
herein contained affects the Reserve Bank of India Act, 1934, (section 21 which provides the
Bank to have the right to transact Government business in India), or affects any local usage
relating to any instrument in an oriental language.
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 be governed
by this Act; and it shall come into force on the first day of March, 1882.
The provisions of this Act are also applicable to Hundis, unless there is a local usage to the
contrary. Other native instruments like Treasury Bills, Bearer Debentures, Railway Receipts,
Delivery Orders, Bill of Lading etc. are also considered as negotiable instruments either by
mercantile custom or under other enactments.
Recent developments: The Act was amended several times. Following are the significant
amendments made in the Negotiable Instruments Act, 1881 (N.I. Act):
? The Negotiable Instruments (Amendment and Miscellaneous Provisions) Act, 2002;
? The Negotiable Instruments (Amendment) Act, 2015, and
? The Negotiable Instruments (Amendment) Act, 2018.
© The Institute of Chartered Accountants of India
7.3
THE NEGOTIABLE INSTRUMENTS ACT, 1881
1. MEANING OF NEGOTIABLE INSTRUMENTS
Negotiable Instruments is an instrument (the word instrument means a document) which is
freely transferable (by customs of trade) from one person to another by mere delivery or by
indorsement and delivery. The property in such an instrument pass to a bonafide transferee
for value.
The Act does not define the term ‘Negotiable Instruments’. However, Section 13 of the Act
provides for only three kinds of negotiable instruments namely bills of exchange,
promissory notes and cheques, payable either to order or bearer.
It is to be noted that Hundies, Treasury Bills, Bearer Debentures, Railway Receipts, Delivery
Orders, Bill of Lading etc. are also considered as negotiable instruments either by mercantile
custom or usage.
(1) A negotiable instrument is payable to order when:
a. It is expressed to be so payable
b. When it is expressed to be payable to a specified person and does not contain
words prohibiting its transfer. (i.e. it is transferrable by indorsement and
delivery)
(2) A negotiable instrument is payable to bearer when:
a. When it is expressed to be so payable e.g. pay bearer
b. When the only or last indorsement (indorsement means signing of the
instrument) on the instrument is an indorsement in blank i.e., the person who
possesses it can demand payment. For example,. A cheque made payable to
specified person and that cheque is endorsed by signing on the back of the
cheque by that specified person.
Type of Negotiable
Instrument
Promissory Note
Bill of Exchange
Cheque
© The Institute of Chartered Accountants of India
Page 4
LEARNING OUTCOMES
THE NEGOTIABLE
INSTRUMENTS ACT, 1881
After studying this chapter, you would be able to understand-
? The meaning, characteristics and elements of different kinds of
negotiable instruments
? Classification and various ways of negotiation, Know about
provisions related to Presentment of Instruments and Rules of
Compensation
Chapter covers following headings
Notes, Bills &
Cheques-Types,
Classification and its
characterstics
Modes of
Negotiation
Presentment of
Instruments
Rules of
Compensation
CHAPTER
7
CHAPTER OVERVIEW
© The Institute of Chartered Accountants of India
BUSINESS LAWS
7.2
INTRODUCTION
The law relating to negotiable instruments is the law of the commercial world which was
enacted to facilitate the activities in trade and commerce making provision for giving
sanctity to the instruments of credit which could be deemed to be convertible into money
and easily passable from one person to another. In the absence of such instruments, the
trade and commerce activities were likely to be adversely affected as it was not practicable
for the trading community to carry with it the bulk of the currency in force. The source of
Indian law relating to such instruments is admittedly the English Common Law.
The main objective of the Act is to legalise the system by which instruments contemplated
by it could pass from hand to hand by negotiation like any other goods.
The Law in India relating to negotiable instruments is contained in the Negotiable
Instruments Act, 1881. This is an Act to define and amend the law relating to promissory
notes, bills of exchange and cheques. The Act applies to the whole of India, but nothing
herein contained affects the Reserve Bank of India Act, 1934, (section 21 which provides the
Bank to have the right to transact Government business in India), or affects any local usage
relating to any instrument in an oriental language.
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 be governed
by this Act; and it shall come into force on the first day of March, 1882.
The provisions of this Act are also applicable to Hundis, unless there is a local usage to the
contrary. Other native instruments like Treasury Bills, Bearer Debentures, Railway Receipts,
Delivery Orders, Bill of Lading etc. are also considered as negotiable instruments either by
mercantile custom or under other enactments.
Recent developments: The Act was amended several times. Following are the significant
amendments made in the Negotiable Instruments Act, 1881 (N.I. Act):
? The Negotiable Instruments (Amendment and Miscellaneous Provisions) Act, 2002;
? The Negotiable Instruments (Amendment) Act, 2015, and
? The Negotiable Instruments (Amendment) Act, 2018.
© The Institute of Chartered Accountants of India
7.3
THE NEGOTIABLE INSTRUMENTS ACT, 1881
1. MEANING OF NEGOTIABLE INSTRUMENTS
Negotiable Instruments is an instrument (the word instrument means a document) which is
freely transferable (by customs of trade) from one person to another by mere delivery or by
indorsement and delivery. The property in such an instrument pass to a bonafide transferee
for value.
The Act does not define the term ‘Negotiable Instruments’. However, Section 13 of the Act
provides for only three kinds of negotiable instruments namely bills of exchange,
promissory notes and cheques, payable either to order or bearer.
It is to be noted that Hundies, Treasury Bills, Bearer Debentures, Railway Receipts, Delivery
Orders, Bill of Lading etc. are also considered as negotiable instruments either by mercantile
custom or usage.
(1) A negotiable instrument is payable to order when:
a. It is expressed to be so payable
b. When it is expressed to be payable to a specified person and does not contain
words prohibiting its transfer. (i.e. it is transferrable by indorsement and
delivery)
(2) A negotiable instrument is payable to bearer when:
a. When it is expressed to be so payable e.g. pay bearer
b. When the only or last indorsement (indorsement means signing of the
instrument) on the instrument is an indorsement in blank i.e., the person who
possesses it can demand payment. For example,. A cheque made payable to
specified person and that cheque is endorsed by signing on the back of the
cheque by that specified person.
Type of Negotiable
Instrument
Promissory Note
Bill of Exchange
Cheque
© The Institute of Chartered Accountants of India
BUSINESS LAWS
7.4
Essential Characteristics of Negotiable Instruments
1. It is necessarily in writing.
2. It should be signed.
3. It is freely transferable from one person to another.
4. Holder’s title is free from defects.
5. It can be transferred any number of times till its satisfaction.
6. Every negotiable instrument must contain an unconditional promise or order to pay
money. The promise or order to pay must consist of money only.
7. The sum payable, the time of payment, the payee, must be certain.
8. The instrument should be delivered. Mere drawing of instrument does not create
liability.
2. PROMISSORY NOTE
Meaning
According to section 4 of the NI Act, 1881, “A 'promissory note' is an instrument in writing
(not being a bank-note or a currency-note) containing an unconditional undertaking signed
by the maker, to pay a certain sum of money only to, or to the order of, a certain person, or
to the bearer of the instrument.”
Characterstics
written signed transferable
title free
from
defects
can be
transferrred
number of
times
unconditional
promise/order
to pay
certainity of
sum payable,
time of
payment and
the payee
delivered
© The Institute of Chartered Accountants of India
Page 5
LEARNING OUTCOMES
THE NEGOTIABLE
INSTRUMENTS ACT, 1881
After studying this chapter, you would be able to understand-
? The meaning, characteristics and elements of different kinds of
negotiable instruments
? Classification and various ways of negotiation, Know about
provisions related to Presentment of Instruments and Rules of
Compensation
Chapter covers following headings
Notes, Bills &
Cheques-Types,
Classification and its
characterstics
Modes of
Negotiation
Presentment of
Instruments
Rules of
Compensation
CHAPTER
7
CHAPTER OVERVIEW
© The Institute of Chartered Accountants of India
BUSINESS LAWS
7.2
INTRODUCTION
The law relating to negotiable instruments is the law of the commercial world which was
enacted to facilitate the activities in trade and commerce making provision for giving
sanctity to the instruments of credit which could be deemed to be convertible into money
and easily passable from one person to another. In the absence of such instruments, the
trade and commerce activities were likely to be adversely affected as it was not practicable
for the trading community to carry with it the bulk of the currency in force. The source of
Indian law relating to such instruments is admittedly the English Common Law.
The main objective of the Act is to legalise the system by which instruments contemplated
by it could pass from hand to hand by negotiation like any other goods.
The Law in India relating to negotiable instruments is contained in the Negotiable
Instruments Act, 1881. This is an Act to define and amend the law relating to promissory
notes, bills of exchange and cheques. The Act applies to the whole of India, but nothing
herein contained affects the Reserve Bank of India Act, 1934, (section 21 which provides the
Bank to have the right to transact Government business in India), or affects any local usage
relating to any instrument in an oriental language.
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 be governed
by this Act; and it shall come into force on the first day of March, 1882.
The provisions of this Act are also applicable to Hundis, unless there is a local usage to the
contrary. Other native instruments like Treasury Bills, Bearer Debentures, Railway Receipts,
Delivery Orders, Bill of Lading etc. are also considered as negotiable instruments either by
mercantile custom or under other enactments.
Recent developments: The Act was amended several times. Following are the significant
amendments made in the Negotiable Instruments Act, 1881 (N.I. Act):
? The Negotiable Instruments (Amendment and Miscellaneous Provisions) Act, 2002;
? The Negotiable Instruments (Amendment) Act, 2015, and
? The Negotiable Instruments (Amendment) Act, 2018.
© The Institute of Chartered Accountants of India
7.3
THE NEGOTIABLE INSTRUMENTS ACT, 1881
1. MEANING OF NEGOTIABLE INSTRUMENTS
Negotiable Instruments is an instrument (the word instrument means a document) which is
freely transferable (by customs of trade) from one person to another by mere delivery or by
indorsement and delivery. The property in such an instrument pass to a bonafide transferee
for value.
The Act does not define the term ‘Negotiable Instruments’. However, Section 13 of the Act
provides for only three kinds of negotiable instruments namely bills of exchange,
promissory notes and cheques, payable either to order or bearer.
It is to be noted that Hundies, Treasury Bills, Bearer Debentures, Railway Receipts, Delivery
Orders, Bill of Lading etc. are also considered as negotiable instruments either by mercantile
custom or usage.
(1) A negotiable instrument is payable to order when:
a. It is expressed to be so payable
b. When it is expressed to be payable to a specified person and does not contain
words prohibiting its transfer. (i.e. it is transferrable by indorsement and
delivery)
(2) A negotiable instrument is payable to bearer when:
a. When it is expressed to be so payable e.g. pay bearer
b. When the only or last indorsement (indorsement means signing of the
instrument) on the instrument is an indorsement in blank i.e., the person who
possesses it can demand payment. For example,. A cheque made payable to
specified person and that cheque is endorsed by signing on the back of the
cheque by that specified person.
Type of Negotiable
Instrument
Promissory Note
Bill of Exchange
Cheque
© The Institute of Chartered Accountants of India
BUSINESS LAWS
7.4
Essential Characteristics of Negotiable Instruments
1. It is necessarily in writing.
2. It should be signed.
3. It is freely transferable from one person to another.
4. Holder’s title is free from defects.
5. It can be transferred any number of times till its satisfaction.
6. Every negotiable instrument must contain an unconditional promise or order to pay
money. The promise or order to pay must consist of money only.
7. The sum payable, the time of payment, the payee, must be certain.
8. The instrument should be delivered. Mere drawing of instrument does not create
liability.
2. PROMISSORY NOTE
Meaning
According to section 4 of the NI Act, 1881, “A 'promissory note' is an instrument in writing
(not being a bank-note or a currency-note) containing an unconditional undertaking signed
by the maker, to pay a certain sum of money only to, or to the order of, a certain person, or
to the bearer of the instrument.”
Characterstics
written signed transferable
title free
from
defects
can be
transferrred
number of
times
unconditional
promise/order
to pay
certainity of
sum payable,
time of
payment and
the payee
delivered
© The Institute of Chartered Accountants of India
7.5
THE NEGOTIABLE INSTRUMENTS ACT, 1881
Specimen of Promissory note
`
10,000 Lucknow
April 10, 2022
Three months after date, I promise to pay Shri Ramesh (Payee) or to his order the
sum of Rupees Ten Thousand, for value received.
Stamp
Sd/-
Ram
To,
Shri Ramesh,
B-20, Green Park,
Mumbai.
(Maker)
Parties to promissory note
1. Maker: The person who makes the promise to pay is called the Maker. He is the
debtor and must sign the instrument.
2. Payee: Payee is the person to whom the amount on the note is payable.
Essential Characteristics of a Promissory Note
a. In writing- An oral promise to pay is not sufficient.
b. There must be an express promise to pay. Mere acknowledgment of debt is
insufficient.
Example 1: I acknowledge myself to be indebted to B in ` 1,000, to be paid on
demand, for value received. (Valid promissory note as the promise to pay is definite)
Example 2: “Mr. B, I.O.U ` 1,000.” – Invalid promissory note as there is no promise to
pay. It is just an acknowledgement of debt.
© The Institute of Chartered Accountants of India
Read More
FAQs on ICAI Notes- The Negotiable Instruments Act, 1881 - CA Foundation
| 1. What is the purpose of the Negotiable Instruments Act, 1881? |  |
Ans. The purpose of the Negotiable Instruments Act, 1881 is to define and regulate the use of negotiable instruments such as promissory notes, bills of exchange, and cheques in India. It provides legal provisions for the transferability, payment, and discharge of these instruments.
| 2. What are the types of negotiable instruments covered under the Negotiable Instruments Act, 1881? | |
Ans. The Negotiable Instruments Act, 1881 covers three types of negotiable instruments: promissory notes, bills of exchange, and cheques. A promissory note is a written promise to pay a certain sum of money to a specified person. A bill of exchange is an instrument in writing that orders one person to pay a certain sum of money to another person. A cheque is a bill of exchange drawn on a specified banker and payable on demand.
| 3. What are the essential elements of a valid negotiable instrument? | |
Ans. The essential elements of a valid negotiable instrument under the Negotiable Instruments Act, 1881 are as follows:
1. It must be in writing.
2. It must be signed by the maker or drawer.
3. It must contain an unconditional promise or order to pay a certain sum of money.
4. It must be payable to a specified person or to the bearer.
5. It must be payable on demand or at a fixed or determinable future time.
6. It must be properly stamped.
| 4. What is the liability of the parties involved in a negotiable instrument? | |
Ans. The liability of the parties involved in a negotiable instrument under the Negotiable Instruments Act, 1881 is as follows:
1. The maker or drawer of a negotiable instrument is primarily liable to pay the amount mentioned in the instrument.
2. The acceptor of a bill of exchange is also primarily liable to pay the amount mentioned in the instrument.
3. The endorser of a negotiable instrument is liable to pay the amount mentioned in the instrument if the subsequent party fails to pay.
4. The drawee or drawee-in-case is secondarily liable to pay the amount mentioned in the instrument if the acceptor or maker fails to pay.
| 5. What are the consequences of dishonoring a negotiable instrument? | |
Ans. The consequences of dishonoring a negotiable instrument under the Negotiable Instruments Act, 1881 are as follows:
1. A dishonored promissory note or bill of exchange can be sued upon by the holder in a court of law.
2. The dishonored party may be liable to pay damages to the holder of the instrument.
3. The dishonored party may lose their creditworthiness and face reputational damage.
4. The dishonored party may be subject to legal consequences and penalties as per the provisions of the Act.
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