12 April 2017
It's like you can't write a promissory note saying that "I promise to pay myself Rs ..... on the day....." But if you endorse it in somebody's name (transfer it to somebody) then it becomes a promissory note as you have to pay the amount to somebody else. So a note will not be called as promissory note if it is payable to maker him/herself. But when he/she endorse it (transfer it) to somebody else's name then it becomes promissory note.
i hope it will be clear. Let me know if you have further questions.
CAclubindia
