BANKING GENERAL KNOWLEDGE
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Question
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The payment of interest on a promissory note on which the rate of interest is not mentioned, is regulated as per
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Section 80 of Contract Act
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Section 80 of Negotiable Instrument Act
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Section 21 of RBI Act
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Section 21 of Negotiable Instrument Act
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Explanation:
Detailed explanation-1: -A crossed cheque can only be paid in account & hence it is not a negotiable instrument.
Detailed explanation-2: -A “promissory note” is an instrument in writing (not being a bank-note or a currency-note) containing an unconditional undertaking, signed by the maker, to pay a certain sum of money only to, or to the order of, a certain person, or to the bearer of the instrument.
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