The government has notified the Negotiable Instruments (Amendment) Bill, 2015 to clarify the jurisdictional issue for filing of cheque dishonour cases that was approved by parliament in its recent winter session. “The provisions of the Negotiable Instruments (Amendment) Act, 2015 shall be deemed to have come into force on the 15th day of June, 2015, the day on which the Negotiable Instruments (Amendment) Ordinance, 2015 was promulgated to further amend the Negotiable Instruments Act, 1881,” a finance ministry release said. The amendments to the Negotiable Instruments Act, 1881, clarify jurisdiction-related issues for filing cases for offence committed under Section 138 of the Act. The amendment provides that the jurisdiction for filing a case of cheque dishonour will be a court in whose jurisdiction the bank branch of the payee is located.
National Savings Certificate (NSC) issue IX, which had a term of 10 years, has been discontinued. The move was approved and notified by the ministry of finance on 1 December 2015. The postal department stopped issuing these certificates 20 December 2015 onwards. Observers believe that the instrument was discontinued because it locked the government into a long-term commitment in a falling interest rate regime.