A Bill of Exchange has been defined under section ..... of N.I. Act

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A Bill of Exchange has been defined under section ____ of N.I. Act

A	10
B	131
C	5
D	4

Explanation:

Detailed explanation-1: -Section 5 in The Negotiable Instruments Act, 1881. 5. “Bill of exchange”.-A “bill of exchange” is an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of, a certain person or to the bearer of the instrument.

Detailed explanation-2: -Negotiation by indorsement.-Subject to the provisions of section 58, a promissory note, bill of exchange or cheque 1[payable to order], is negotiable by the holder by indorsement and delivery thereof.

Detailed explanation-3: -c) Time of acceptance – It shall be presumed that every accepted bill of exchange was accepted within a reasonable time after its date and before its maturity.

Detailed explanation-4: -A bill of exchange is a negotiable Instrument.

There is 1 question to complete.