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Question
Classification of Negotiable Instruments
A promissory note, bill of exchange or cheque drawn or made in India, and made payable, or drawn upon any person, ______ shall be deemed to be an inland instrument.
Classification of Negotiable Instruments
A promissory note, bill of exchange or cheque drawn or made in India, and made payable, or drawn upon any person, ______ shall be deemed to be an inland instrument.
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Solution
The correct option is A Resident in India
According to Section 11 inland instrument means a promissory note bill of exchange, or cheque drawn or Made in India and made payable in or drawn up on any person resident in India shall be Deemed to be and inland instrument. Since a promissory note is not drawn on any person in India an inland promissory note before is one which is both Made in India and also made payable in India.
According to Section 11 inland instrument means a promissory note bill of exchange, or cheque drawn or Made in India and made payable in or drawn up on any person resident in India shall be Deemed to be and inland instrument. Since a promissory note is not drawn on any person in India an inland promissory note before is one which is both Made in India and also made payable in India.
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