Explanation:

The correct answer is Option 2: 1st March, 1882.

Explanation:
Although the Negotiable Instruments Act, 1881 was enacted on 20th July, 1881, it came into force on 1st March, 1882. The Act governs the legal framework for negotiable instruments like promissory notes, bills of exchange, and cheques, ensuring their smooth operation in commercial transactions. It provides clarity on the rights, obligations, and liabilities of parties involved in such instruments, making it a critical piece of legislation for financial and business activities.