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Under Sections 11-12, an 'inland instrument' is one drawn or made in India and:
APayable in India OR drawn upon a person resident in India
BDrawn upon a foreign resident
CPayable only in foreign currency
DAlways payable outside India
Answer & Solution
Correct answer: A. Payable in India OR drawn upon a person resident in India
An inland instrument is made/drawn in India and is either payable in India or drawn upon a person resident in India.
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