heyy guys,
cn any1 explain why d Promissory Note is not payable on demand as per Negotiable Instrunment Act 1881
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
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-
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-
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
