alleryA 'foreign instrument' is:
AAn instrument drawn in India payable in India
BAny instrument which is not an inland instrument
CAny instrument payable in India
DA cheque drawn on an Indian bank
Answer & Solution
Correct answer: B. Any instrument which is not an inland instrument
A foreign instrument is simply any negotiable instrument that does not satisfy the conditions of an inland instrument.
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CA Foundation · Businesslaw · Negotiable InstrumentsUnder Section 63, when a bill is presented to the drawee for acceptance, he may be allowedAn inland instrument that is subsequently indorsed in a foreign country:Under Sections 11-12, an 'inland instrument' is one drawn or made in India and: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?