The book is a lucid and comprehensive introduction to a subject, which has attained great importance with the ever expanding national and international trade and the need for a convenient mode of payment.
The book deals with the three kinds of negotiable instruments recognised by the Indian Negotiable Instruments Act of 1882 viz., promissory note, bill of exchange and cheque. The rights, duties and liabilities of the parties as well as the legal conditions to complete the negotiable instrument are presented in a very simple style. Negotiation, both by delivery in case of instrument payable to bearer and negotiation by endorsement in case of instrument payable to order, and Liability are dealt with cogently. The other important areas dealt with are presentment, discharge from liability, miscellaneous provisions viz., notice of dishonour, noting and protest, acceptance and payment for honour, compensation, special rules of evidence, bills in sets, International law and different modes of crossing of cheques.
The provisions of the Act (Sections 138-142) effected by the Amendment of 1988 have generated a number of decisions on the scope of criminal liability for dishonour of cheques. Judicial comments in such cases have resulted in the growth of the subject. Valuable guidance has been provided by some decisions relating to the effect of irregularity in affixing stamps on negotiable instruments both in respect of timing and value. 'Cheque' has become the most prominent negotiable instrument and the author has discussed a large number of cases relating to cheques at the relevant places.
The work also attempts a comparison of Indian law with English and American jurisprudence with the help of decided cases. The highlight of the book is the simplicity of explanation to ensuring easy understanding. The book is immensely useful for students, bankers, financial institutions, businessmen and lawyers.