OTHER NEGOTIABLE INSTRUMENTS
OTHER NEGOTIABLE INSTRUMENTS 1. Inland Instrument(Section 11) 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. An inland instrument, therefore, may be, either: (i) made or drawn in India and also made payable in India; or, (ii) drawn in India on a person resident in India, although it is stated to be payable in a foreign country. Examples of inland instruments are: 1. A promissory note made in Delhi and payable in Bombay. 2. A bill of exchange drawn in Delhi and made payable in Bombay (It may have been drawn on some person resident abroad, e.g., London). 3. A bill of exchange drawn in Delhi on a person resident in Bombay (although it is stated to be payable in London) (2) Foreign Instrument (Section 12) Any instrument which is not so drawn, made or made payable that it may be called an inland instrument, shall be deemed to be a forei...