Full transcript of “The Negotiable Instrument Act, 1881 | Promissory Note | Bill of Exchange | Cheque | MBA | BBA”. Click a timestamp to open the video at that moment. Need another video? Use the YouTube transcript generator.
0:00 Hello students, आज हम इस वीडियो में discuss करेंगे कि Negotiable Instrument Act की मीनिंग क्या होती है, Check की मीनिग क्या होती है और इसके Features क्या होती है, Similarly, Promissory Note and Bill of Exchange की Meaning and Features को भी हम इस वीडियो में discuss करेंगे. तो सबसे पहले कि Negotiable Instrument Act देखते हैं, यह Act 1881, that is 1881 is Year, इस Year में Pass Out हुआ है, किसे भी आक्ट के सामने जो एर में इंशन होता है वो डिनोट करता है कि वो आक्ट उस एर में पास आउट हुआ है तो निगोशेबल इंस्ट्रुमेंट आक्ट जो दो The term is made in front of us, which is made by the act that is Negotiable and Instrument. First of all, let's see what is Negotiable meaning. The word Negotiable means transferable from one person to another. When one person or another person is transferred, we call Negotiable. The second word is what? Instrument. What is the word Instrument?
0:50 The word Instrument means any written document by which a right is created in favor of some person. A written document in which a person has a right. Like a written document ऐसी चीज या ऐसा रिटेन डॉकुमेंट्स या ऐसा इंस्ट्रूमेंट्स जो ट्रांस्फरेबल हो किसे एक
1:36 परसन से दूसरे परसन के पास और transferable means that I have just told you that we are doing transferable with delivery. We need to transfer it with transferable. So, the second thing is that we give someone a negotiable instrument because it should be a business purpose. Like cash or bill of exchange, it is also capable of being sued upon by the person holding it for the time being. or If someone has something, then it also happens that if a case is defaulted or a problem comes, then a court case can also be made. So what does this thing have? What does this thing have? It is transferability. When
2:24 one thing is transferred, by delivery, by custom of trade, and this is also the capability that if someone holds it, then against or through it, it is received. In section 13, the negotiable instrument is not defined in the direct meaning of the negotiable instrument. Section 13 of the NIE Act does not define a negotiable instrument. definition is not given, like we have explained exactly if it is given a term, it is not given the meaning in this section. But in the section, we have shown what we call negotiable instrument, which means which things are
3:14 included. So as per section 13 of the Act, a negotiable instrument means, a promissory note, bill of exchange and check payable either to order or bearer. तो section 13, Negotiable Instrument Act का क्या कहता है कि Negotiable Instrument मतलब होता है, Promissory Note, Bill of Exchange और Check जो कि Payable हो Order पे या Bearer को, इसी को हम Negotiable Instrument कहते हैं, ऐसा कहा लिखा गया है, ऐसा Negotiable Instrument Act 1881 के section 13 में में mention है, ओकी, तो हमें ये तो पता चल गया, कि ये Negotiable Instrument का मतलब होता है, अब हम इसके Kinds देखते हैं, Kinds of जो कि उसके definition में ही mention है इसी को हम negotiable instrument कहते हैं मैं आपको एक और चीज़ बता दू कि
4:03 यह जो type आप देख रहे हैं यह section 137 of transfer of property act 1882 के according है 1882 के according कहता है कि negotiable instrument by statute these three kinds of kinds in the statute. But by customer and by users, there are also other kinds of kinds of kinds. Like bank note, demand after, share warrant, dividend warrant, hundi, all these are negotiable instruments. Because they use in business purposes, they maintain all the characteristics of transferability. So this transfer property is told in the Act that this negotiable instrument act is a statute through and a uses through. So since we have the negotiable instrument act to study the statute through section 13 we will discuss the three things here. First, let's take the promissory note. What
4:51 is the promissory note explained under section 4? According to section 4, a promissory note is an instrument in writing containing an unconditional undertaking signed by the maker to pay a certain sum of money only to or to the order of a certain person or to the bearer of the instrument. So, who has been given in section 4? Promissory note. What is the promise? It is an instrument. Instrument means writing. Instrument means writing. In writing, containing an unconditional undertaking. What should be in writing? Unconditional undertaking means an undertaking that is a shapat. A undertaking that has any condition attached प्लस उसमें वो किसकी दोरह साइन किया जाना
5:41 चाहिए मेकर के दोरह जिसने उसको लिखा हो उसकी दोरह वो साइन होना चाहिए उसमें क्या बात लिखी जानी चाहिए कि unconditional undertaking के साथ ये भी mention होना चाहिए कि certain sum of money को pay किया जाना है, right? किसको pay किया जाना, only to, जिसको नाम mention है उसे, या or to the order of, या उसके order पे किसी और को a certain person, जिसका नाम mention होगा, or to the bearer of the instrument, या फिर उसे जिसके पास ये instrument होगा, bearer of the instrument तो जो hold करके रखा है, तो प्रॉमिस्री नोट एक रिटेन डॉकुमेंट्स होता है जिसमें अनकंडिशनल अंडर्टेकिंग ली जाती है इंपोर्टेन बात होती है कि प्रॉमिस्री नोट क्या होता है अनकंडिशनल अंडर्टेकिंग होती है जहां पर मेकर के थोरा जाइन किया गया होता है सर्टेन
6:31 which is also kept in the instrument. We call it a promissory note. We look at the requirements of the requirement. What are the features of the promissory note? First is what? It must be in writing. Obviously, writing is very important. Second, the promise to pay must be unconditional. There should be a promise to pay. There should be a promise to pay. I will mention another thing about the promise to pay. The word promise is not essential to constitute instrument as a promissory note exactly because promise exactly word is mentioned in the writing statement we will say that this is not essential but yes we should promise that we will pay something
7:19 and must be unconditional condition not attached like I have written that a promise to pay b rupees 5000 seven days after his marriage with C. So I have attached the condition that AB will give 5,000 rupees when he will marry C after that. So now this will be a promissory note. No. Why? Because there is a condition attached. So how do you talk about payment? Unconditional. No condition attached. Next is what? amount promised must be certain and definite sum of money. What is promised that I will pay that amount or I will do? What should it be? It should be certain and definite. That there is exactly the payment. Suppose I just say that I promised to pay Mr. B. Rs. 50,000
8:05 and also deliver him a single car. So what did I promise that I will give him 50,000 and I will give him a single car. So what happened now? but the amount of desired car is not fixed, the market rate is not fixed, the amount of discount is not fixed, so this is not a promise or not, I have promised to pay Mr. B. Rs. 50,000 then what is the promise note? बिल्कुल होता है क्योंकि certain fix amount है यहां पर मैंने test कर दिया कि also a delivery में स्वफ desire कार so it's not a promissory note next is what instrument must be signed by the maker next is what कि जो भी instrument
8:54 हो इस पर sign होनी चाहिए किसकी maker की sign होनी चाहिए If I promise that I will pay, I need to sign that I am ready. If anyone can write something, I will not write something. If I sign, I will be authorized. Then I will be authorized. This is a feature. The last feature is the person to whom promise is made must be a definite person. The person who is saying to pay the payment is a definite person. I do not say that I will pay the payment. The person who is known to pay the payment is a person. Right? Next is what? Parties to Promissory Note. Now, who parties involved in the Promissory Note? One is your maker. Who is the maker? The person who promised to pay. The person who promised to pay, he will write, he will be the maker.
9:41 So, the person who is making the maker will say, what will he write? I promise to pay the person who promised to pay. We call the maker who is paying. Second part is what? Pay. Person to whom the amount of the note is paid. But in the promise note, the amount of the note is paid. वह आपका क्या कहलाएगा कि आपका पेई कहलाएगा राइट अनेक्स इस वोट होल्डर तो होल्डर क्या हो गया आइधर पेई और परसंटु हूम दा नोर्ड में हैं अन्डोर्स तो होल्डर मत्ब क्या हो गया जिस जो होल्ड करके रख्थ है जिसके पास है तो या तो वह प If you have a bill, a promise or a
10:30 promise or a holder, then you will be able to get a promise or endorsement. If someone has a जिससे इंडोर्स किया गया है या तो वो तो holder कोई भी हो सकता है जिसके पास hold करके रखा गया है तो तीन parties हो गए maker, pay and holder तो holder वही होता है जिसको receiving होती तो pay and holder is the same person हो सकते हैं तो अब हम क्या करते हैं नेक्स देखते हैं प्रोमिस दिने नोट तो हो गया अब हम देखते हैं बिल आफ एक्षेंज क्या होता है तो बिल आफ एक्षेंज को सेक्षिन 5 में डिल किया गया है क्या बोला गया है कि it is an instrument in writing containing an unconditional order
11:17 signed by the maker directing a certain person to pay a certain sum of money only to or to the order of a certain person or to the bearer of the इंस्ट्रूमेंट तो बेल उफ एक्षेंज बता दू बेल उफ एक्षेंज का जो यह टर्म है वो मेंली बिजनस यह सारी बिजनस परपर्पर्ज में यूज होते हैं तो जिब ट्रेडिंग होती है तो रोव मटेडिल वगरा परचेस कर रहे हैं यह परचेजर और सेलर होते है अब दूसी चीजे बहुत अच्छा कासर निमेरिकल सॉल्फ किया जाता है उसमें निमेरिकल होते हैं अब यह क्या है डफिनेशन के कोडिंग की यह
12:02 क्या है एक इंस्ट्रूमेंट है तो राइटी में हो गई होगा कैसा है उसमें क्या लिखा है अनकंडिशनल ओडर यहां पर अ क्या होगा उसमें direct into a certain person किसी person को direct किया जा रहा हो बोला जा रहा होगा तो pay a certain sum of money कि आप इतना a quick amount certain sum of money pay करें किसको only to or to the order of a certain person certain person को या उसके order पे किसी और को और to the bearer of the instrument या फिर जिस परसन ने उस instrument को bear करके रखा holder है उसे उसे आपको pay करना है मतलब मैं order दे रही हूँ जगर written document से जिसमें मैं order दे रही हूँ कि Mr. B को कुछ payment करना है मेरे
12:50 order पे जिसका नाम भी मैं mention कर दूँगी उसे a certain sum Now let's see what are the requirements of the bill of exchange. The requirements of bill of exchange must be in writing. It must be an instrument that will be in writing. Must be in writing. Must be an order to pay. Orders should be paid. ठीक है उसके बाद कि होगी आपका ड्रॉवर मस्ट भी साइन दे इंस्टूमेंट तो जिसने बनाया है उस इंस्टूमेंट को मेकर अफ दे इंस्टूमेंट इस काल ड्रॉवर उसकी साइन होना जरूरी है पर
13:40 साथ ही में एसेप्टेंस होना ड्रॉई की भी जरूरी है मींस जि नेक्स इस वा सम मस्स भी सर्टेन जो एमाउंट पे करना है वो सर्टेन सम अफ मनी होनी चाहिए यह दिन मस्स भी एसप्टेट बाइड ड्रॉई ओविसली मैंने बोला कि आपको ड्रॉई के थूरू वो एसप्ट किया जाना इंपॉर्टेंट है दिन अब क्या हो गया कि कौन क जिसे डारेक्ट कर रहा है कि आपको पे करना है उसे हम ड्रॉई करते हैं means order देने वाला ड्रॉवर हो गया और जिसे payment करने है वो ड्रॉई हो गया ड्रॉई पे लिखा जाता है ओके ड्रॉवर के दौरा बिल उफ एक्षेंज
14:28 नेक्स इस वागत पेई पेई कोन हो गया person named in the instrument to whom money گیا ہو اوکی تو اب ہم دیکھتے ہیں کہ یہ تو bill of exchange ہو گیا نیکس ہم دیکھتے ہیں کہ آپ کا चेक क्या होता है अब चेक को जो डील किया गया है वो है section 6 में चेक को डील किया गया है तो क्या definition दी गई है अब चेक is a bill of exchange चेक ऐसा है bill of exchange की जैसा होता है drawn on a specified banker and not expressed to be payable otherwise than on demand and it includes the electronic image of truncated check and a check in the electronic form अब चेक क्या हो
15:18 गया चेक just like a bill of exchange होता है जिसमें की क्या होता है बैंकर पर यह ओरर रहता है कि वह पेबल होगा कब पेबल होगा जब तक उसके दिमांड नहीं की जाएगी ठीक है जब दिमांड की जाएगी तब वह paper logo and what has included in this term is the term and it includes the electronic image of a truncated check and a check in electronic form this line was introduced after the amendment section. It was introduced to this because it was digitized so it's not the case We have added a line for a long time, so this line is included in the checklist. We call it the checklist.
16:10 चेक जो है थ्री फर्म में ड्राउन होता है यह बेरर चेक बेरर चेक क्या होता है बेरर चेक इस वह टो बेड पेड परसन और अनी परसन वह पॉसे इट राइट बेरर मतलब होता है जो होल्ड करके रखा है जो बेर करके रखा है तो जब चेक जो होता है चेक में बेरर का जो � cancel not been cut, so in that case, whoever has a check or the name mentioned, the check will be paid. Another important thing about the check is that it is over the counter, OTC. Over the counter in the sense that whoever has a check will be paid to the bank, the check can be
16:55 paid for the bank. That is the bearer check. Next is what? Order check. order check is what? Payable to a person without any Provisionary word. अब order check क्या हो गया? जिस person का नाम? जोता है निकि order to pay Mr. X Mr. Y जो भी होगा? तो मतलब वहाँ पे हो गया कि इन ही person को specifically बोलागे कि इन ही person को pay करना है. तो वो क्या हो गया? order check हो जाता है. अब आपको थोड़ा सा हो रहा हो कि order and baron check में क्या difference हुआ? अब exactly अ जिस पे की bearer word को cut या cancel नहीं किया किया है right तो मतलब वो कैसे चेको गया bearer चेको गया तो अब क्या हुआ कि वो चेक हो जाता है जब वो चेक हो गया और अब क्या हुआ वो चेक किसी और
17:43 को मिला तो अगर वो बेरर चेक हुआ तो वो चेक जिसको मिला वो गया बैंक में और बैंक में कैश करा के ले आ सकता है क्योंकि वो बेरर चेक था जो होल्ड करेगा जो बेर कर and now it is not used to be used even now the check is also called cross check next is what cross check I will tell you exactly what is cross check cross check is a check which can be only collected through a banker it may be general crossing or special crossing So cross check which
18:29 I have called OTC. OTC that is over the counter. So order check and bearer check both cases. OTC is over the counter. You can pay payment on the counter. But what happens in cross check? Cross check, you don't have OTC. You can't pay cash on the counter. What happens in the account? Right. The person's name is mentioned. The person will pay money in the account. You can put the check, the person will deposit money in the account. So they say cross check. Cross check is two ways. general crossing is another one is special crossing general crossing means that
19:17 when two parallel lines are drawn on the face of the check means that इसी को हम cross check कह रहे हैं इसी को हम general crossing कह रहे हैं पर अब अगर मैंने उसी दो parallel line में लिख दिया bank of India suppose मैंने वो दोनो parallel line ड्रॉप की और उसके अंदर लिख दिया bank of India then क्या हो गया कि अब यह जो check है उसका amount deposit होगा only to bank of India किसी और bank account में मतलब जिस person का नाम हमने लिखा है वो person का bank of that is a special crossing check right is a lot of check like anti-dated
20:04 check post-dated check stale check mutilated check all types of check which are not so important that you have to learn specifically but otherwise there are many types of check then next is what check parties are there one is your drawer drawer is what maker of the check The drawer is the maker of the check or account holder. What is the banker of the bank? If the check is about the bank, then the account holder is the drawer. The drawer is the check for someone to pay. Next is the drawer. The drawer is the drawer. It means the drawer is directed to pay the money by the drawer. The drawer is directed to pay the money by the drawer. The drawer is directed to pay the money by the drawer. So, the check is the drawer. The drawer is directed to pay the money by the drawer. The drawer is directed to pay the money by the drawer. So, the check is the bank. The drawer is directed to pay the money by the drawer. The drawer is directed to pay the money by the drawer. The drawer is directed to pay the money by the drawer. The drawer is directed to pay
20:50 the money by the drawer. The drawer is directed to pay the money by the drawer. The drawer is directed to pay the money by the drawer. The drawer is directed to pay the bank. The drawer is directed to pay the bank परसन या ओर्डर नेम्ड इन दे चेक तो हूं मने इस डारेक्टि टो बीपेड बाई दा इंस्टूमेंट जिसका नाम उस चेक पे मेंशेन है जिसको पेमेंट मिलनी है यह दाट इस पेई सम्टाइम्स अगर मैंने लिख दिया चेक पे तू सेल्फ कई बार तू सेल्फ करके � So this is our check. I hope you will be clear that what is the Promissory Note, Bill of Exchange, check. If I do a section, it will deal with the Negotiable Instrument. In that, there are only three things that will tell you that the Negotiable Instrument means that it is the Promissory Note, Bill
21:36 of Exchange and check. Now we have seen the Promissory Note. Section 4 is Promissory Note. Section 5 is Bill of Exchange. Section 6 is checked. एक प्रश्चन एट होल्डर होता है सेच्शन नाइन होल्डर इंड्यू कोर्स होता है तो इस तरीके से आप सेक्शन याद करोगे तो आपको सेक्शन भी याद हो जाएगा तो आपको क्लियर हुआ होगा विश्यू ओल्डबेस्ट थैंक यू
