Q410
___ days of grace are allowed in case of time bills, for calculating date of maturity
A.
2
B.
4
C.
3
AnswerD.
5
Answer: Option C
Solution
Answer: Option C
Solution:
3 days of grace are allowed in case of time bills, for calculating date of maturity. Legal due date of a term/usance bill will be the last day of grace ( maturity date plus three days of grace is the legal due date).