Abt promissory notes

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s.lohani (Querist)
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04 October 2007 Sir,
How do we determine the date in which a bill of exchange is due when the date of issue and date of acceptance is given along with the time. Is the time counted after the date of acceptance or date of being drawn what??
A)1.1.05, X draws bill on y for 3 months. Due date of bill will be ????? How?
B) on 1.8.05 /x draws a bill on Y “FOR 30 days after sight”? Date of acceptance is is 8.8.05. Due date of bill is a)8.9.05 b)10.9 c) 11.9
What is “after sight”?

Ravikumar.G

Ravikumar.G (Expert)
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04 October 2007 A) The NI is payable on a specified day.Sec 23 and 24.
03.04.05 is the correct ans.

B)The negotiable instrument shall mature on the third day after the date on which the period of negotiable instrument shall expire. The day on which the negotiable instrument is presented for sight shall be excluded.
11.09.2005 is correct answer.

s.lohani

s.lohani (Querist)
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06 October 2007 I didn't quite understand. the answer to first question in book of icai is 4.4.05. Cud you explain a bit more

Ravikumar.G

Ravikumar.G (Expert)
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10 October 2007 You please check whether there is any public holiday in that particular date.