Explanation : According to Section 13 of Negotiable Instrument Act, 1881, “Negotiable instrument means a promissory note, a bill of exchange or a cheque payable either to order or to bearer, whether the word ‘orderf’ or ‘bearer’ appear on the instrument or not.” According to Justice Willis, “A negotiable instrument is one, the property in which is acquired by anyone who takes it bonafide and for value notwithstanding any defects of the title in the person from whom he took it.” Thus, the term, negotiable instrument means a written document which creates a right in favour of some person and which is freely transferable. The Act mentions only these three instruments such as a promissory note, a bill of exchange and cheque. However other similar instruments satisfying the conditions of the act can also be included in the ambit of negotiable instruments. Negotiable instrument is such instrument–a written document for the transfer of money value or for the settlement of payment by the exchange of such written document called instrument of payment. Cheque, demand draft, bills of exchange, promissory notes, hundi and similar such instruments (written documents) are the most frequently used negotiable instruments. Negotiability of these instruments means that these can be transferred or endorsed from one party to another party for the settlement of monetary claims.
Explanation : Section 9 of the Consumer Protection Act advocates three-tier redressal of consumer disputes at the national, state and the district levels. District Consumer Disputes Redressal Forum (DCDRF): These are also known as district forums. These forums are established by the state government in every district to deal with cases of complaints valuing up to Rs.5 lakh. It has the power of a civil court. State Consumer Disputes Redressal Commission (SCDRC): It is the apex body for consumer redressal in states. It has been established in each state and union territory. State commissions could entertain complaints up to INR 10 million. In rare cases, it has the power to take the cases pending at a District Forum in its own hands. National Consumer Disputes Redressal Commission (NCDRC): The national commission has been established by the central government. It is the highest forum for consumer disputes Redressal in the country. It can entertain cases where the value of claims exceeds Rs.20 lakh. It has both appellate and revisional jurisdiction.