alleryUnder 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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CA Foundation · Businesslaw · Negotiable InstrumentsUnder Section 63, when a bill is presented to the drawee for acceptance, he may be allowedA 'foreign instrument' is:An inland instrument that is subsequently indorsed in a foreign country:An 'order instrument' is negotiated by:In a cheque, the drawee is always:A bill of exchange has three parties, namely:A promissory note has how many parties?