Promissory notes
This query is : Resolved
Venkata Poorvi
(Querist)
25 May 2014
In Indian currency, it is written as, "I promise to pay the bearer a sum of........"
Why is Indian currency not considered as a Promissory Note though it is written "PROMISE" ?????
Why is Indian currency not considered as a Promissory Note though it is written "PROMISE" ?????
Nikhil Kaushik
(Expert)
25 May 2014
because it is excluded from the definition of a promissory note by virtue of section 4 of the negotiable Instruments Act and is covered by RBI.
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