Negotiable Instrunment Act 1881

prateek (CA Final) (355 Points)

28 February 2009

heyy guys,

cn any1 explain why d Promissory Note is not payable on demand as per Negotiable Instrunment Act 1881

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4 Replies

Sumit Jain (CA) (4760 Points)
Replied 28 February 2009

hey dude nice question

plz tell me also when u get the answer of this question

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shailesh agarwal (professional accountant) (7642 Points)
Replied 28 February 2009

PROMISSORY NOTE IS -AN instrument in writting ( NOT BANK NOTE OR A CURRENCY NOTE)

A PROMISSORY NOTE CANNOT BE MADE PAYABLE TO BEARER

----AS PER SECTION 31 OF THE RBI ACT 1934-PERMITS ONLY RBI AND CENTRAL GOVT TO MAKE A PROMISSORY NOTE PAYABLE TO BEARER ON DEMAND-

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Sumit Jain (CA) (4760 Points)
Replied 07 March 2009

thanx shailesh

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payal gupta (ca final student) (482 Points)
Replied 07 March 2009

PROMISSORY NOTE IS -AN instrument in writting ( NOT BANK NOTE OR A CURRENCY NOTE)

A PROMISSORY NOTE CANNOT BE MADE PAYABLE TO BEARER

----AS PER SECTION 31 OF THE RBI ACT 1934-PERMITS ONLY RBI AND CENTRAL GOVT TO MAKE A PROMISSORY NOTE PAYABLE TO BEARER ON DEMAND-

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