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Question
If the day of maturity falls on a public holiday, the instrument is payable on the -.
If the day of maturity falls on a public holiday, the instrument is payable on the -.
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Solution
The correct option is A Preceding business 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.
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.
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