Section 148 of the Negotiable Instruments Act was also inserted in the Amended Act on September 1, 2018, with prospective effect. However, appellate courts in several cases directed the accused persons to deposit 20% of the cheque/compensation amount, treating the said provision retrospective in nature. Consequently, several accused approached the higher courts throughout the country. Ultimately, Honourable Supreme Court in Surinder Singh Deswal@Col. SS Deswal and others Vs. Virender Gandhi 2019(3)R.C.R.(Criminal)186 held that section 148 of the Act has a retrospective operation and lower courts can pass an order directing the accused to deposit 20% of the cheque/compensation amount even in cases filed prior to the amendment.
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Author: Legal Advice Guru
Query: I had taken a loan of ₹ 5 lakhs from a private financer. At the time of advancing loan, the financer had also obtained security cheques from me. Although, the loan amount with interest has been repaid, but the financer did not return the security cheques. He misused the same by filing a false case under Negotiable Instruments Act. How should, I defend myself.