BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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First copy needs to be signed and stamped
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All copies need to be signed and stamped
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No copy need signed and stamped
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Only one requires stamp or signature
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Detailed explanation-1: -The maker must sign it. It must be payable to a certain person. It should be properly stamped. A promissory note does not require any acceptance because the maker of the promissory note himself promises to make the payment.
Detailed explanation-2: -Bills of exchange must be stamped, but the act of 1882 does not regulate the stamp. It merely saves the operation of the stamp laws, which necessarily vary from time to time according to the fluctuating needs and policy of the exchequer.
Detailed explanation-3: -23.6. Bill of Exchange drawn on Indian importers and foreign buyers in the case of exports beyond 90 days usance, attracts stamp duty. If the Bill of Exchange is drawn on bank even for usance period beyond 90 days, no stamp duty is payable.
Detailed explanation-4: -Cheque is a document for easy payment but payment can only be made on demand and a cheque is valid only for 3months. There is no requirement of stamping. There is a particular form of cheque and it is an order to pay.