Under Negotiable Instruments Act, promissory note can be drawn for minimum period of
A. Thirty days
B. Six months
C. One year
D. No time limit is fixed
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Offences under Negotiable Instruments Act are compoundable
A. Under Section 145 Negotiable Instruments Act
B. Under section 147 Negotiable Instruments Act
C. Under section 142 Negotiable Instruments Act
D. Under section 320 of Cr.P.c.
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Under the Limitation Act, 1963 the period of limitation for filing a suit by the payee against the drawer of a bill of exchange which has been dishonoured by non-acceptance is
A. 3 years from the date of the refusal to accept
B. 2 years from the date of the refusal to accept
C. 3 years from the date of the date of signing by the drawer
D. 3 years from the date of presentment
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Drawer and payee in a Bill of exchange may be same parties.
A. True
B. False
C. Partly true
D. Partly false
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Days of grace provided to the Instruments at maturity is (as per the provisions of the Negotiable Instruments Act, 1881)
A. 1 day
B. 2 days
C. 3 days
D. 5 days
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Which of the following is not correct with regard to presentment for acceptance?
A. Only holder of the bill or his agent can present the bill
B. Drawer himself can present the bill
C. If the bill has been negotiated before acceptance, endorsee can present the bill
D. The bill cannot be presented to legal presentations in case of death of drawee
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A' signs instruments in the following terms, which instruments are promissory note under Section 4 of the Negotiable Instruments Act, 1881?
A. I promise to pay 'B' or order Rs. 500/- to be paid on demand
B. I promise to pay 'B' Rs. 5000/- and all other some which shall be due to him
C. I promise to pay 'B' Rs. 5000/- first deducting there out any money which he may own me
D. I promise to pay 'B' Rs. 5000/- ten days after my marriage with 'C'
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In which of the following cases the Supreme Court gave guidelines for speedy and expeditious trial of cheque bouncing cases
A. Indian Bank Association v. Union of india
B. Nishant Aggarwal v. Kailash Kumar Sharma
C. Dashrath Rupsingh Rathod v. State of Maharashtra
D. None of the above
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Which among the following is not true with respect to negotiable instruments?
A. There must be an unconditional order or promise for payment
B. A cheque cannot be considered as a bill of exchange
C. If the time of payment is linked to the death of a person, it is nevertheless a negotiable instrument
D. It is freely transferable and delivery of the instrument is essential
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Under Negotiable Instruments Act, for filing a complaint under section 138 of the Act essential condition is -
A. The cheque was returned as signature on it not matched
B. The cheque was returned for insufficient funds in the account
C. The cheque was returned as it was presented after expiry
D. In all of above
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Which of the following is a correct statement of law as per Sections 138 and 142 of the Negotiable Instruments Act, 1881?
A. A cheque is to be presented to the bank within a period of six months from the date it is drawn or within the period of its validity, whichever is earlier
B. Notice within thirty days of receipt of information from the bank regarding return of cheque as unpaid, has to be served upon drawer, demanding payment of amount of money
C. On failure of drawer of such cheque to make payment within fifteen days of receipt of such notice, the payee or holder of cheque has to file complaint within one month thereof
D. All the above
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In which of the following judgments has the Supreme Court held that only those courts within whose territorial limits the drawee bank is situated, would have jurisdiction to try the cases for offence under Section 138 of the Negotiable Instruments Act, 1881?
A. K. Bhaskaran v. Sankaran Vaidhyan Balan and Another, (1999) 7 SCC 510
B. Dashrath Rupsingh Rathood v. State of Maharashtra and Another, (2014) 9 SCC 129
C. State of Bihar and Others v. Kalyanpur Cement Limited, (2010) 3 SCC 274
D. None of the above
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Can the Magistrate order an investigation on the allegation of an offence under Section 138 of Negotiable Instruments Act?
A. Yes
B. No
C. Depends
D. None of the above
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In which of the following cases the Supreme Court held that the provisions of Section 141 of the Negotiable Instruments Act, 1881 do not contain a condition that the prosecution of a company is sine qua non for prosecution of other persons. The liability of the Directors/Officers etc. is vicarious and will flow from the liability of the company/firm.
A. Narsing Das Tapadia v. Govardhan Das Pattani
B. Saketh India Ltd. v. India Securities Ltd.
C. K. G. Sharma v. Pratap Autowheels
D. Mohd. Isaq Gulsani v. Rajamouli
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Under section 118 of the Negotiable Instruments Act, the onus of proving absence of consideration in the execution of a negotiable instrument is on the
A. Indorser (Zohra Jan v. Rajan Bibi, 28 IC 402)
B. Executant (Zohra Jan v. Rajan Bibi, 28 IC 402)
C. Drawee (R. S. Rajeswara Sethupathi v. Chidambaram Chettiar, AIR 1938 PC 123)
D. None of the above
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Can a drawer escape from his liability?
A. No, a drawer can never escape from his liability
B. Yes, a drawer can limit or exclude his liability by inserting in the bill an express stipulation to that effect
C. In certain cases although he can escape from his liability but always he cannot so escape
D. None of the above
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The indorsement of a negotiable instrument followed by delivery
A. Transfers to the indorsee the property in the bill, provided the indorsement must be an indorsement in full
B. Does not transfer the property in the bill to anyone
C. Transfers to the indorsee the property in the bill
D. Transfers to the holder the property in bill
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Who is entitled to make a complaint for taking cognizance of the offence under Section 138 of the Negotiable Instruments Act, 1881?
A. A public spirited citizen
B. The drawee bank
C. Only the holder of the cheque
D. All of these
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Which of the Section of Negotiable Instruments Act, 1881 provides that "where a person is nominated as a Director of a company by virtue of his holding any office or employment in the Central Government or the State Government, as the case may be, he shall not be held liable for an-offence under Section 138 of the Act, committed by a company?"
A. Proviso (one) to Section 141(1)
B. Proviso (two) to Section 141(1)
C. Sub-section 2 of Section 141
D. None of the above
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A' signs an instrument in writing as under 'On demand, I promise, I promise to pay 'B' the sum of Rs. 10,000'. What is this called?
A. Bill of exchange
B. Simple note
C. Promissory note
D. Cheque
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