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A Bill of Exchange matures on 16th July. Suddenly it was declared as bank strike and the next day is Sunday. Then the due date of bill will be___
- a)15th July
- b)17th July
- c)18th July
- d)16th July
Correct answer is option 'C'. Can you explain this answer?
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A Bill of Exchange matures on 16th July.Suddenly it was declared as ba...
Explanation:
A Bill of Exchange is a negotiable instrument that contains an unconditional order to pay a certain sum of money to the specified person or bearer of the instrument. The due date of the bill is the date on which the payment is due.
In this case, the Bill of Exchange matures on 16th July. However, a bank strike is declared suddenly, and the next day is a Sunday.
The effect of a bank strike is that the bank will not be able to process any transactions, including the payment of bills. Therefore, the due date of the bill will be extended to the next working day after the strike is over.
The due date of the bill will be calculated as follows:
Maturity Date: 16th July
Bank Strike: 17th July
Sunday: 18th July
Next Working Day: 19th July
Therefore, the due date of the bill will be 18th July.
Hence, the correct option is (c) 18th July.
A Bill of Exchange is a negotiable instrument that contains an unconditional order to pay a certain sum of money to the specified person or bearer of the instrument. The due date of the bill is the date on which the payment is due.
In this case, the Bill of Exchange matures on 16th July. However, a bank strike is declared suddenly, and the next day is a Sunday.
The effect of a bank strike is that the bank will not be able to process any transactions, including the payment of bills. Therefore, the due date of the bill will be extended to the next working day after the strike is over.
The due date of the bill will be calculated as follows:
Maturity Date: 16th July
Bank Strike: 17th July
Sunday: 18th July
Next Working Day: 19th July
Therefore, the due date of the bill will be 18th July.
Hence, the correct option is (c) 18th July.
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Community Answer
A Bill of Exchange matures on 16th July.Suddenly it was declared as ba...
In case of holiday on the date maturity day, we are supposed to take the next preceding date after Holiday
therefore in the above case, the due date will shift from
16th July to 18 July(as on 16 and 17 there is a holiday)
therefore in the above case, the due date will shift from
16th July to 18 July(as on 16 and 17 there is a holiday)
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A Bill of Exchange matures on 16th July.Suddenly it was declared as bank strikeandthe next day is Sunday. Then the due date of bill will be___a)15th Julyb)17th Julyc)18th Julyd)16th JulyCorrect answer is option 'C'. Can you explain this answer?
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