alleryDays of grace allowed on a bill in India are:
A1 day only allowed
BNo grace at all
C7 days normally
D3 days always given
Answer & Solution
Correct answer: D. 3 days always given
1. NI Act allows 3 days of grace for bills not payable on demand.
2. Maturity date = date of bill + tenure + 3 days of grace.
3. For example, a 3-month bill dated 1 Jan matures on 4 Apr.
_Source: ICAI BoS Foundation Paper 1, Ch 6 "Bills of Exchange", §5 days of grace_
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