BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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may be given by the notary public who makes the protest
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must always be given by the notary public who makes the protest
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must be given by the holder
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none of the above
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Detailed explanation-1: -When a promissory note or bill of exchange is required by law to be protested, notice of such protest must be given instead of notice of dishonour, in the same manner and subject to the same conditions; but the notice may be given by the notary public who makes the protest.
Detailed explanation-2: -There is presumptions under Section 118 and 139 of the Negotiable Instruments Act in favour of holder of the cheque. Until contrary is proved, presumption is in favour of holder of cheque that it has been drawn for discharge of debt or liabilities.
Detailed explanation-3: -Section 5 in The Negotiable Instruments Act, 1881.
Detailed explanation-4: -When a promissory note or bill of exchange has been dishonoured by non-acceptance or non-payment, the holder may, within a reasonable time, cause such dishonour to be noted and certified by a notary public. Such certificate is called a protest. Protest for better security.