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unit-5-bills-of-exchange

Unit-5 Bills Of Exchange

In this unit we shall first discuss the nature of various instruments of credit including bills of exchange and promissory notes.

What is the purpose of noting on the bill? Is it necessary in case of a promissory note?




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Written on Apr 16, 2019 2:56:04 PM

A minute or memorandum made by a Notary Public on a bill of exchange which has been dishonoured. The Bills of Exchange Act instructs that noting to be done within 24 hours of dishonour. It consists of their initials, their charges and the date. In the case of bills of exchange drawn and payable outside Australasia it is preparatory to a formal protest. The Bank can ‘note’ or ‘protest’ a bill of exchange if a Notary Public is not available. No, noting is not necessary in case of a promissory note.