New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    When the day on which a promissory note or bill of

    exchange is at maturity is a public holiday, the instrument shall be deemed____________
    A To be due on the next business day Correct Answer Incorrect Answer
    B To be due on the past, business day Correct Answer Incorrect Answer
    C To be due on the next preceding, business day Correct Answer Incorrect Answer
    D To be due on such business day as the parties may mutually decide Correct Answer Incorrect Answer

    Solution

    Section 25. When day of maturity is a holiday-When the day on which a note or bill of exchange is at maturity is a public holiday, the instrument shall be deemed to be due on the next preceding, business day.

    Practice Next

    Relevant for Exams: