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The date of maturity of bill is 10th October, 2016. The Government of India suddenly declared 10th October, 2016 as the holiday under the Negotiable Instruments Act, then the bill will mature on _________
- a)9th October, 2016
- b)10th October, 2016.
- c)12th October, 2016
- d)11th October, 2016.
Correct answer is option 'D'. Can you explain this answer?
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Most Upvoted Answer
The date of maturity of bill is 10th October, 2016. The Government of ...
The correct answer is 11th October, 2016.
According to the Negotiable Instruments Act, if the date of maturity of a bill falls on a public holiday, the bill will mature on the next succeeding business day. In this case, since 10th October, 2016 was declared as a holiday under the Negotiable Instruments Act, the bill will mature on the next business day, which is 11th October, 2016.
Here's a summary of the key points:
- The original date of maturity was 10th October, 2016.
- The Government of India declared 10th October, 2016 as a holiday under the Negotiable Instruments Act.
- According to the Act, if the date of maturity falls on a public holiday, the bill will mature on the next succeeding business day.
- Therefore, the bill will mature on 11th October, 2016.
According to the Negotiable Instruments Act, if the date of maturity of a bill falls on a public holiday, the bill will mature on the next succeeding business day. In this case, since 10th October, 2016 was declared as a holiday under the Negotiable Instruments Act, the bill will mature on the next business day, which is 11th October, 2016.
Here's a summary of the key points:
- The original date of maturity was 10th October, 2016.
- The Government of India declared 10th October, 2016 as a holiday under the Negotiable Instruments Act.
- According to the Act, if the date of maturity falls on a public holiday, the bill will mature on the next succeeding business day.
- Therefore, the bill will mature on 11th October, 2016.
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Community Answer
The date of maturity of bill is 10th October, 2016. The Government of ...
Bill Maturity Date and Public Holiday under Negotiable Instruments Act
Explanation:
When a bill of exchange is issued, it has a maturity date mentioned on it. On that date, the bill is due for payment. However, if the maturity date falls on a public holiday declared by the government under the Negotiable Instruments Act, then the due date is postponed to the next working day.
Example:
Let's take the example given in the question. The maturity date of the bill is 10th October, 2016. Now, if the Government of India declares 10th October, 2016 as a public holiday under the Negotiable Instruments Act, then the bill's due date is postponed to the next working day.
Answer:
The correct answer to the question is option 'D', i.e., 11th October, 2016. If the Government of India declares 10th October, 2016 as a public holiday, then the bill's due date is postponed to the next working day, which is 11th October, 2016. Therefore, the bill matures on 11th October, 2016.
Explanation:
When a bill of exchange is issued, it has a maturity date mentioned on it. On that date, the bill is due for payment. However, if the maturity date falls on a public holiday declared by the government under the Negotiable Instruments Act, then the due date is postponed to the next working day.
Example:
Let's take the example given in the question. The maturity date of the bill is 10th October, 2016. Now, if the Government of India declares 10th October, 2016 as a public holiday under the Negotiable Instruments Act, then the bill's due date is postponed to the next working day.
Answer:
The correct answer to the question is option 'D', i.e., 11th October, 2016. If the Government of India declares 10th October, 2016 as a public holiday, then the bill's due date is postponed to the next working day, which is 11th October, 2016. Therefore, the bill matures on 11th October, 2016.
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The date of maturity of bill is 10th October, 2016. The Government of India suddenly declared 10th October, 2016 as the holiday under the Negotiable Instruments Act, then the bill will mature on _________a)9th October, 2016b)10th October, 2016.c)12th October, 2016d)11th October, 2016.Correct answer is option 'D'. Can you explain this answer?
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