AN ANALYTICAL STUDY ON THE PROPOSED AMENDMENT IN NEGOTIABLE INSTRUMENT ACT, 2017: A STEP TOWARDS DEVELOPMENT OF JUDICIAL SYSTEM IN INDIA

In this continuously growing world where development has become the goal of every nation, trade and commerce sector pays a major contribution to this growth. So as to regulate make this sector more developed the act of Negotiable Instruments Act was introduced with an objective of increasing the credibility and so as to gain more confidence of citizens in paper currency in this race of digitization. With time every law needs amendment so was the case with the NI Act; from 1881 to 2017 it covered a journey of amendments been made by legislature but still the objective of the act was left halfway, the legislature then introduced the concept of interim compensation. This article discusses about the newly proposed amendment in NI Act, about the objective of NI Act which legislature wants to fulfill through this amendment. It also discusses about the constitutional right of speedy trial and its implication in practical life. The objective of writing this article is to make a clear picture of the amendment by stating its pros and cons and how this amendment can be a landmark change in law.