What happens wen a Bill of xchange matures on a public holiday.....n an emergency holiday is declared on preceeding day of maturity of bill...!!!
Eg If a bill is maturing on 2nd october....n den after sometym an emergency holiday is declared on 1st october den wat will b d date of maturity of bill...!!
According to me Date of maturity of bill will be 3rd october......
Shahrukh ji,
1. When due date of the bill is a public holiday - The preceding business day will be the due date.
2. When due date of the bill is an emergency/ unforeseen holiday - The next following day will be the due date
In the given example the due date will be 3rd of October.
Members, please correct me if I'm wrong.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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