Where amount in words and figures differ, the provision for making the payment of amount mentioned in words in a cheque is described u/s ..... of NI Act

BANKING GENERAL KNOWLEDGE

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

Where amount in words and figures differ, the provision for making the payment of amount mentioned in words in a cheque is described u/s ____ of NI Act

A	18
B	19
C	20
D	21

Explanation:

Detailed explanation-1: -As per section 18 of NI Act, if the amount undertaken or ordered to be paid is stated differently in figures and in words, the amount stated in words shall be the amount undertaken or ordered to be paid.

Detailed explanation-2: -Section 13 in The Negotiable Instruments Act, 1881.

Detailed explanation-3: -Section 13 of Negotiable Instruments Act 1881: “Negotiable Instrument” (1) A “negotiable instrument” means a promissory note, bill of exchange or cheque payable either to order or to bearer.

Detailed explanation-4: -Negotiation by delivery.-Subject to the provisions of section 58, a promissory note, bill of exchange or cheque payable to bearer is negotiable by delivery thereof.

Detailed explanation-5: -19. Instruments payable on demand.-A promissory note or bill of exchange, in which no time for payment is specified, and a cheque, are payable on demand.

There is 1 question to complete.