Banking · Negotiable Instruments Act
If a Paying Banker receives a cheque that is not dated, which of the following is the most appropriate action under standard banking practice and the Negotiable Instruments Act, 1881?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The bank must retain the cheque and contact the drawer to fill in the date before making payment.
- 2Pay the cheque immediately, as a cheque is payable on demand and the date is irrelevant.
- 3The bank must automatically insert the date of presentation, treating it as an inchoate instrument.
- 4Dishonor the cheque with the reason 'Undated Cheque,' as the date is an essential element of a valid instrument.✓
Correct answer
Dishonor the cheque with the reason 'Undated Cheque,' as the date is an essential element of a valid instrument.
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