Question
Bill of exchange
If due date of bill falls on _____the due date will be preceding business day.
Bill of exchange
If due date of bill falls on _____the due date will be preceding business day.
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Solution
The correct option is A Public holiday
If the day of maturity falls on a public holiday, the instrument is payable on the next preceding business day. he expression “Public Holiday” includes Sundays and any other day declared by the Central Government, by notification in the Official Gazette, to be a public holiday. However if the date falls on a sudden public holiday, the the bill shall be due on the following day.
If the day of maturity falls on a public holiday, the instrument is payable on the next preceding business day. he expression “Public Holiday” includes Sundays and any other day declared by the Central Government, by notification in the Official Gazette, to be a public holiday. However if the date falls on a sudden public holiday, the the bill shall be due on the following day.
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