Question

Classification of Negotiable Instruments
An inland instrument is one which is -.
1. Drawn and made payable in India
2. Drawn in India upon some person resident therein, even though it is made payable in a foreign country
Select the correct answer from the options given below-

• A. 2 only
• B. Either 1 or 2
• C. 1 only
• D. None of the above

Answer 1

The correct option is B Either 1 or 2

A promissory note, bill of exchange or cheque drawn or made in India, and made payable in, or drawn upon any person resident, in India shall be deemed to be an inland instrument.