Evolution & Revolution of Negotiable Instruments
As facilitator for trade and commerce & 10 years taking forward
Name Roll No.
Raksha Kamat 11-E23
Raj Kamble 11-E25
Pranit Mhapsekar 11-E29
Praful More 11-E31
Prashant Padghan 11-E33
Rohit Pathak 11-E35
Hemlata Raundhal 11-E37
Darshini Shah 11-E39
Anand Shinde 11-E41
Anchal Singh 11-E43
Sr.No Topic Page No
1 Introduction 3
2 Evolution of Payment Systems in India 5
3 Negotiable instruments 8
4 Characteristics\Features of Negotiable Instrument 10
5 Presumption as to negotiable instrument 12
6 Rules of estopped applicable to negotiable instruments 13
7 Payee in a negotiable instrument 14
8 Types of Negotiable Instruments 15
9 Section 123-131 & 138 35
10 Revolution of Payment Systems in India 37
11 Case Study 42
12 Conclusion 44
13 Bibliography 46
Exchange of goods and services is the basis of every business activity. Goods are bought and sold for cash as well as on credit. All these transactions require flow of cash either immediately or after a certain time. In modern business, large number of transactions involving huge sums of money takes place every day. It is quite inconvenient as well as risky for either party to make and receive payments in cash. Therefore, it is a common practice for businessmen to make use of certain documents as means of making payment. Some of these documents are called negotiable instruments.
Evolution of trade and commerce leading to the introduction of negotiable instruments
In the primitive economic society each tribe or family produced all that is needed and consumed it. Therefore need of commerce was not required. Commerce began to grow only after the division of labor and consequent development of exchange. These stages of the introduction of commerce are as follows:
1. Nonexistence of commerce- In the early stages of economic life, man produced what he needed and consumed it... [continues]
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