Foreign instrument & inland instrument

Corporate & Other Laws

Any one tell me about foreign instrument and inland instrument u/sec 11 and 12 in Negotible instrument act .

prudhvi reddy

CMA Final

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01-Jul-21 13:10

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Answers (2)

Best Answer

Yes, what's your doubt in this. Reproduced from ICAI material below: A promissory note, bill of exchange or cheque drawn or made in India and made payable in, or drawn upon any person resident in India shall be deemed to be an inland instrument. Example 14: (i) A promissory note made in Kolkata and payable in Mumbai. (ii) A bill drawn in Varanasi on a person resident in Jodhpur (although it is stated to be payable in Singapore) Foreign instrument: Any such instrument not so drawn, made or made payable shall be deemed to be foreign instrument. In other words, (a) Bills drawn outside India on a person resident in or outside India and made payable in India, (b) Bills drawn outside India on a person residing outside India and payable in India or outside India. (c) Bills drawn outside India on a person residing in or outside India and payable outside India. are foreign bills.

Sahibdeep Singh

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01-Jul-21 13:52

Yes , sir got it , thank you so much ..

Thread Starter

prudhvi reddy

CMA Final

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01-Jul-21 14:02