A bill of exchange drawn on 14 February 2020 payable three months after date matures on (assume no holiday):
A14 May 2020
B17 May 2020 (with 3 days of grace)
C13 May 2020
DDay after presentation
Answer & Solution
Correct answer: B. 17 May 2020 (with 3 days of grace)
1. Section 22 — three months after 14 February = 14 May; three days of grace (Section 22) added → 17 May.
2. Time bills are entitled to days of grace, unlike cheques.
3. Hence (B).
_Source: ICAI BoS CA Inter Paper 2 — Negotiable Instruments Act 1881_