Economics · Negotiable Instruments Act
Which one of the following statements is correct regarding the Negotiable Instruments Act, 1881 in India?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A promissory note containing a conditional promise to pay is a valid promissory note
- 2A bill of exchange can be drawn payable to bearer on demand
- 3A cheque requires formal acceptance by the drawee before payment
- 4A cheque is always drawn on a specified banker✓
Correct answer
A cheque is always drawn on a specified banker
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