Types of Negotiable Instruments

The types of negotiable expand a lot. some of the very common ones are promissory notes, certificate of deposit , money orders etc.

Personal Checks:         

These checks can only be authorized by a person if they deposit money in the bank and clearly justify the sum of money and the name of the person to whom the cheque is addressed to with the name of the bearer of the check.

Advantages of Checks:

No cash is required and big amounts can be transferred hassle free.

If money gets lost it can’t be recovered but check transactions can be stopped from depositing, if lost.

Disadvantages of Personal Checks:

• Personal checks are not always taken easily everywhere.

In the fast pace world of technology checks are relatively sluggish and their processing takes time.

2. Travellers Check:             

Travellers checks are convenient for people who are in foreign countries for any of the following temporary situations such as vacations, work visits, trading etc. these checks can be used as an alternative for the respective foreign currency which makes the travel hassle free and reduces currency exchange which results in more following of the social distancing protocol.

“These checks are generally issues by financial institutions with serial no. and in prepaid fixed amounts”. A dual signature system is generally followed in which the signature of the buyer of the check has to sign at the time of issuing of the check and later another signature is required while using the check. The two signature are mandatory to match for the financial institutions to issue the check and guarantee the payment.

Advantages of Travellers:

• Hassle free and safe travel is enabled because no big amounts of money are carried around.
• The banks back up for most of the stolen or lost checks and even sometimes provide security money for the same.

Disadvantages of Travellers check:

• This whole system depends on the double signature system too much and as we understand that signatures can be easily forged it is not the most secure method to carry and transfer money.
• Debit and credit cards are a more convenient way nowadays compared to travellers checks.

3.Promissory Notes:

Promissory notes are handwritten promises between 2 parties. One party is the one liable to pay that is; payor and the other one is the receiver that is payee. These handwritten documents hold promises of the payor   to pay the payee a certain sum of the money in future. These notes also contain all the important aspects for a promise to be relevant. These information includes specified principle amount, interest rate, term length ,date of insurance and signature of the payor.

“These at first enables a person, people or a co operation to obtain financing from a source other than a bank or financial institution. Those who issue a promissory note become lenders.”

4. Money Order:

The holder of money orders are paid a promised amount as mentioned in the money order. These are available across easily and are generally issued by financial organisations and governments also. Money orders differ by the limit of amount of order that is typically One thousand Dollars.

These resemble checks but the main difference is that there is little personal detail mentioned in the money orders compared to checks.

5. Bill of exchange:

“A Bill of Exchange is a binding agreement by one party to pay a fixed amount of cash to another party as of a predetermined date or on demand”

These are basically used for international trade purposes. These have become more powerful.

To understand it in detail the following example is suitable:

If Mr. Varun orders Mr. Jatin to pay Rs.85000 for 60 days and Mr. Jatin signs his name to accept the order given by Mr. Varun then it is called a bill of exchange.

But sometimes due to financial inadequacy or different circumstances the seller and the purchaser cannot pay off immediately generally after which a promise is signed for future credit to be paid and this promise is drafted in a written format after which it turns into a legal instrument of value.

NOTE: “These instruments can often  be accepted by banks and we can advance money against them. Also, we can also endorse the instrument that is, pass it to another person.”

Features of Bill Of Exchange:

• “A bill of exchange is an instrument in writing”
• “It is drawn and signed by the maker i.e. drawer of the bill.”
• “It contains an unconditional order to a person i.e. drawee.”
• “To make an instrument of value the drawee must accept it.”
• “The specified amount is payable to the person whose name is mentioned in the bill or to his order or to the bearer.”
• “It specifies the date by which amount should be paid.”
• “Payment of the bill must be in the legal currency of the country.”
• “It must be properly stamped”.
• “It must bear a revenue stamp”.

5. Post Dated Cheque:

The case is currently being heard by the International Court of Justice(ICJ).

BACKGROUND: The Rohingya people are a group of ethnic(Muslim Indo-Aryan) minority in the Buddhist majority.In the recent years they have been facing procedural ethnic cleansing and prosecution at a mass level. it has also been described as genocide.The genocide followed for more than 2 years with decades of prosecution on the Rohingya people which included mass murders,destruction of villages,rapes and various other heinous crimes undertaken by the millitary of Myanmar.

Mostly restricted to the Rakhine state (where the Rohingya are largely settled) and done under the
garb of “anti-terrorism measures”.
With the general support of the public. (John Oliver did a segment on how “free” Facebook
contributed to the genocide.

What does genocide mean?

According to the Article 2 genocide means comitting any of the follwoing acts:

• Causing serious bodily harm to a group.
• Deliberately inflicting on the group conditions of life calculated to bring about its physical destruction in whole or in part.
• Killing members of the group
• Imposing measures intended to prevent births within the group.
• Forcibly transferring children of one group to another group.

Article 6 of Rome Statute of International Criminal Court: For the purpose of
this Statute, “genocide” means any of the following acts committed with intent to
destroy, in whole or in part, a national, ethical, racial or religious group, as such:
(a) Killing members of the group; (b) Causing serious bodily or mental
harm to members of the group; (c) Deliberately inflicting on the group
conditions of life calculated to bring about its physical destruction in whole or in
part; (d) Imposing measures intended to prevent births within the group;
(e) Forcibly transferring children of the group to another group.

1.A Gift of Independence-

What better than THE EMPIRE WRITES BACK TO CENTRE could describe India’s triumph against England.CREATORS OF CRICKET lost to INDIA on the HOME OF CRICKET that too the eve being Independence Day.I could never witness India’s independence from Britishers but i got to witness this historic win of India against England at Lord’s.A feeling of Euphoria made it’s place in the heart of every Indian and what could be a better gift to your country than defeating the ones who ruled for over 200 years.India could not have asked for a better gift than this and hail our cricketers for giving us a reason to be proud.

2.This is new India, ye ghar me ghusega bhi aur maarega bhi-

A cliché that India cannot perform well overseas was shattered and it is not for the first time but previously in The Border Gavaskar trophy India was tattered and without it’s permanent captain but the way the last test was drawn was magical . It was not easy for them fighting against Australia in Australia without their permanent captain and the best player Of the World.Still they fought, they took blows, sat in pain after the Short Pitch balls were fired by Aussies but never surrendered.But the historic partnership of Ashwin and Vihari which was of 42 overs handled the situation well and the match was drawn.And the crowd got to witness same type of partnership from Bumrah and Shami in Ind Vs Eng.This tells the depth in our batting and how the tailenders can turn tables at most unfortunate times.

3.India’s bowling attack-

India is much more stronger and reliable both in Batting and Bowling.It was batting that all were satisfied with and now India’s bowling lineup seems to be the best in the world. From an all-spin attack on the 1971 tour of England – comprising Bedi, Chandra & Venkat – to an all-pace attack on the 2021 tour of England – comprising Bumrah, Ishant, Shami & Siraj – India’s bowling has come a long way indeed as the country celebrates fifty years of winning their first Test series on English soil.

4.Best Batting line-up-

India doesn’t rely on Virat Kohli alone and that’s another positive message coming from the recent performance.Rohit Sharma and KL Rahul had a great partnership during the first innings that made India stretch upto 350+ mark.Ajinkya Rahane delivered a great knock of 61 during the second innings and Jadeja too performs when the team needs him.

5.The fitness and the approach of India-

The players have become a lot more aggressive, fearless, positive and refusing to take anything lying down. Look at the fitness of each and every player. Especially the fast bowlers. It’s the fitness aspect which is pushing the players and deliver, junior or senior players. That’s what we saw at Lord’s.

Role of women self help groups

Women self help groups is a scheme launched by indian government under the mission of National rural livelihood mission im 2011.The mission took pace around 2012-13.Bank accounts are provided by the government to these groups in which each member adds 10 rupees per week in their account to which the government provides economical support with very less interest.women can borrow loan from the group with a mere interest of 2 percent which is very low compared to the money lenders who charge 20 percent of interest.

Effect of National rural livelihood mission :-
The women self help groups formed under the above mission has worked magically in the field of women empowerment.because of availability of hassle fress loans without and security encouraged women to follow their passion or start a new business.Financial access and other support has increased family incomes of each member by almost 19 percent and savings by 23 percent according to the recent reports by National rural livelihood mission.This scheme proved to be most beneficial for educated women who get extra benefits.

Success stories :-
There are many cases or inspiring stories of women who started their own business in a country having very few women leaders whether they are in politics or in the field of business.Recently,Hemlata devi borrowed some amount from jai ambe swaya sahayata samooh in udaipur rajasthan to buy a pump for her farm.There was no way she could approach any bank for loan as she had nothing as security hence she approached to one of the self help groups in her district who provided her loan with mere interest of 2 percent .Because of this she could buy a pump which gave a powerful thrust to her family income and she easily returned the borrowed amount.

Benefits :-
These self help groups benefitted the scheduled castes and scheduled tribes the most.the programme increased income of households to a good extent and has helped in empowering women.these groups also provide skill training like sewing to the rural people so that they can start their own tailoring shops.they also provide other training as well such as agro ecological practices.these groups boosted confidence of women hence many women started taking part in politics as well.

Conclusion :-
Self help groups has empowered women of rural areas ,has provided training which are beneficiary to everyone despite their differences has motivated equality as well as provided support in the economy of their nation.No doubt SHGs has golden effects on the society and has helped in many ways in the development of their areas.A nation can be developed only if women are empowered and these groups did that.

Negotiable instrument act enacted on 9^th December 1881, by Imperial Legislative Council is an act to define the law relating to negotiableinstruments.

Some imp dates and their significance for the act:

          Negotiable Instrument Act (1881)

            (Citation: ACT No. 26 of 1881)

1866 – The act was originally drafted.

1867- “Introduced in the council and was referred to a select committee.”

1877-“ the bill was revised by a select committee, after the lapse due to criticism by local governments , high courts and chamber of commerce.”

1880-“ By the order of secretary of state the bill was referred to new law commission as in spite of everything happened in the past bill could not reach the final stage.” The bill was redrafted.

1881- Thus after being prepared for 4 times, it was introduced in the council.

1882-  Commenced on 1 March 1882.

Characteristics of Negotiable Instruments :

• These are freely transferable in nature. for example; property is a negotiable instrument and it is readily transferable by a simple process of delivery..
• Presumed to have been

1. made

2. accepted

3. endorsed

4. drawn

5. negotiated

6. transferred for consideration

• They are easy for recovery

Independent Title: “The general principle as regards the transfer of property, that is, no

“One can give a better title than he himself has, is not applicable in case of negotiable

instruments.  If  the  transferor  had  obtained  a  negotiable  instrument  by  exercising fraud, but the transferee obtains that negotiable instrument in good-faith (bona-fide)

for  value,  then  the  transferee  shall  enjoy  a  good  title  as  regards  that  negotiable

instrument.  Thus,  the  title  of  the  transferee  as regards  a  negotiable  instrument  is independent of the title of

the transferor.”

“The holder who acquires the instruments hold title free from all defects.”

“Every holder of instrument is presumed to be holder in due course.”

 Presumptions as to negotiable instruments: “Sections 118 and 119 of the Negotiable Instrument Act lay down certain presumptions which the court presumes in regard to negotiable instruments. In other words these presumptions need not be proved as they are presumed to exist in every negotiable instrument”. Until the contrary is proved the following presumptions shall be made in case of all negotiable instruments:

 1. Consideration: “It shall be presumed that every negotiable instrument was made drawn, accepted or endorsed for consideration. It is presumed that, consideration is present in every negotiable instrument until the contrary is presumed. The presumption of consideration, 6 however may be rebutted by proof that the instrument had been obtained from, its lawful owner by means of fraud or undue influence.”

 2.Date: “Where a negotiable instrument is dated, the presumption is that it has been made or drawn on such date, unless the contrary is proved.”

3. Time of acceptance: “Unless the contrary is proved, every accepted bill of exchange is presumed to have been accepted within a reasonable time after its issue and before its maturity. This presumption only applies when the acceptance is not dated; if the acceptance bears a date, it will prima facie be taken as evidence of the date on which it was made.”

 4. Time of transfer: “Unless the contrary is presumed it shall be presumed that every transfer of a negotiable instrument was made before its maturity.”

 5. Order of endorsement: “Until the contrary is proved it shall be presumed that the endorsements appearing upon a negotiable instrument were made in the order in which they appear thereon.”

 6. Stamp: “Unless the contrary is proved, it shall be presumed that a lost promissory note, bill of exchange or cheque was duly stamped. “

7. “Holder in due course: Until the contrary is proved, it shall be presumed that the holder of a negotiable instrument is the holder in due course. Every holder of a negotiable instrument is presumed to have paid consideration for it and to have taken it in good faith. But if the instrument was obtained from its lawful owner by means of an offence or fraud, the holder has to prove that he is a holder in due course.”