What is Section 23 of the Negotiable Instrument Act?
Asked by: Prof. Orlo Collins MD | Last update: April 23, 2026Score: 4.8/5 (23 votes)
Section 23 of India's Negotiable Instruments Act, 1881 (and similar acts in other jurisdictions like Bangladesh) defines how to calculate the maturity date for instruments (promissory notes, bills of exchange) payable a specific number of months after date or sight, specifying the calculation ends on the corresponding day of the month or the last day if no such day exists, ensuring clarity for due dates.
What is Section 23 of the contract Act?
Section 23 says that the consideration or object of the agreement is unlawful if it “is fraudulent”. If the plaintiff cannot make out his case except through an immoral transaction to which he was a party, he must fail. An agreement to pay a certain sum of money to a prostitute for cohabitation is void.
What is the negotiable instrument act in simple words?
According to Section 13 (a) of the Act, “Negotiable instrument means a promissory note, bill of exchange or cheque payable either to order or to bearer, whether the word “order” or “ bearer” appear on the instrument or not.”
What is Section 23 of the Banking Regulation Act?
The mandate and related documentation which forms the basis for effecting payments for such transactions carried out over the ATMs should be settled bilaterally between the bank and customers and the rights and obligations of each party should be clearly stated in the mandate and should be valid in the court of law.
What is section 23 of the Consumer Protection Act?
Section 23 of the Consumer Protection Act 1986 allows any individual aggrieved by an order from the National Commission to appeal to the Supreme Court within thirty days of the order. The Supreme Court may accept appeals filed after this period if a sufficient cause for the delay is demonstrated.
08 | SECTION 22, 23 24 & 25, MATURITY OF NEGOTIABLE INSTRUMENT | NEGOTIABLE INSTRUMENT ACT, 1881
What is section 23 of the Consumer Rights Act?
Section 23: Right to repair or replacement
This section details a consumer's right to insist on repair or replacement of faulty goods, the cost of which must be borne by the trader.
Is the price you see the price you pay?
If more than one price is concurrently displayed, the consumer will pay the lowest of the prices displayed. “The price you see is the price you pay” rule does not apply to goods or services if the price thereof is determined by or in terms of public regulation. An example hereof would be the petrol price.
What is Section 23 of the Companies Act?
Section 23 of the Companies Act outlines the regulations and procedures governing the issuance of securities by both public and private companies. This section provides clarity on how companies can raise capital through various means while ensuring compliance with legal requirements.
Who enforces this Banking Regulation Act?
The regulatory agencies primarily responsible for supervising commercial banks and administering state and federal banking laws include the Federal Reserve System, the Office of the Comptroller of the Currency (OCC), the FDIC and the state banking agencies. The Federal Reserve System.
What is Section 23 of the Constitution?
Section 23, the most relevant one here, is entitled "Labour relations" and reads: Everyone has the right to fair labour practices. Every worker has the right to form and join a trade union; to participate in the activities and programmes of a trade union; and to strike.
Who is liable if a banker refuses to pay a cheque?
Wrongful dishonor is a bank's failure to honor a valid check or draft when sufficient funds are available. Banks are liable for actual, provable damages resulting from wrongful dishonor.
What are the four types of negotiable instruments?
Unlike non-negotiable instruments, negotiable instruments can be transferred, granting the new holder full legal rights. Various types exist, including personal checks, traveler's checks, promissory notes, money orders, and certificates of deposit.
What is the punishment for 138 negotiable instrument Act?
Imprisonment – Up to 2 years. Fine – Up to twice the cheque amount. Both – The court can award both imprisonment and fine together.
What is Section 23 of unfair contract terms?
Section 23 provides that a term of a consumer contract or small business contract is void if it is unfair and contained in a standard form contract.
What are some examples of unlawful agreements?
Types of illegal contracts include agreements that involve criminal activity, fraud, lack of proper licensing, and contracts that violate public policy. Common examples include contracts for illegal gambling, drug distribution, price-fixing, and employment agreements that violate labor laws.
How does Section 23 impact wagering agreements?
It has been laid down by the Supreme Court, in Gherulal Parekh v. Mahadeo Das that though a wager is void and unenforceable it is not forbidden by law . Hence a wagering agreement is not unlawful under section 23 of the Contract Act and therefore the transactions collateral to the main transaction are enforceable.
Who holds banks accountable?
The Office of the Comptroller of the Currency (OCC) is an independent bureau of the U.S. Department of the Treasury. The OCC charters, regulates, and supervises all national banks, federal savings associations, and federal branches and agencies of foreign banks.
What happens after filing a CFPB complaint?
What happens after submitting a CFPB complaint? After receiving your filing, the CFPB will send your complaint to the relevant company, which will review the issues raised. Companies typically respond within 15 days, though some companies take up to 60 days to provide their final response.
What are the penalties for violating the BSA Act?
A bank that violates certain BSA provisions, including 31 USC 5318(i) or (j), or special measures imposed under 31 USC 5318A, faces criminal money penalties up to the greater of $1 million or twice the value of the transaction.
What is the rule 23 of companies management and administration rules?
(1) A special notice required to be given to the company shall be signed, either individually or collectively by such number of members holding not less than one percent of total voting power or holding shares on which an aggregate sum of not less than five lakh rupees not more than five lakh rupees not less than five ...
What is Section 223 read with Regulation 164 of the Companies Act?
Section 223 read with Regulation 164 of the Companies Act, clearly sets out what constitutes turnover and the method required to calculate turnover for the purpose of determining the correct annual return fee to be paid to the CIPC.
What is Section 23 of the Investment company Act?
Section 23(c) of the Act, which is made applicable to BDCs by section 63 of the Act, generally prohibits a BDC from purchasing any securities of which it is the issuer except in the open market pursuant to tenders, or under other circumstances as the Commission may permit to ensure that the purchases are made in a ...
Does a company have to honor a price mistake online?
The Bottom Line
While it's frustrating to be charged more than an advertised price, most businesses aren't legally required to honor mistakes. However, good companies prioritize customer satisfaction and will often work with consumers when errors occur.
What are the 3 C's of pricing cost?
The 3 C's of Pricing Strategy
Setting prices for your brand depends on three factors: your cost to offer the product to consumers, competitors' products and pricing, and the perceived value that consumers place on your brand and product vis-a-vis the cost.
How to know actual price?
Step 1: Convert the percent discount to a decimal by dividing by . Step 2: Set up the equation P = ( 1 − d ) x to find the original price of the item where is the sale price, is the discount as a decimal, and is the original price of the item.