* It is colonial law still in force.
* Long title: An Act to define and Law relating to negotiable instruments which are Promissory Notes, Bills of Exchange and cheques
* Imperial Legislative Council (India) enacted this act.
* Enacted: 9 December 1881
* Commenced: 1 March 1882
* The Act was originally drafted in 1866 by the 3rd Indian Law Commission and introduced in December 1867 in the Council and it was referred to a Select Committee.
* The most important class of Credit Instruments that evolved in India were termed Hundi.
* In a sense, Hundis represent the oldest surviving form of credit instrument.
* The Hundis were used in trade and credit transactions; also they were used as remittance instruments for the purpose of transfer of funds from one place to another.
* In Modern era Hundi served as traveller's cheque.
* Section 1 deals with short title of the act, it's local extent, Commencement of the act and most importantly Saving of usages relating to hundis.
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