Postdating a cheque


18-Aug-2020 18:20

Policies of sea insurance u/s 7: If sea policy is taken and nothing is mentioned in it except, which is compulsory, it shall not be applicable and acceptable.

Validity of sea policy: Sea policy remains valid for maximum period of twelve months. Coverage under sea policy: Sea policy remains invalid unless following things are provided under it: Amount of the insurance.

Duty on principal document: Duty is paid only on principal document. Duty prescribed in Schedule shall not be applicable.

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If the document was not admitted in evidence then S.Bill: Drawer discharges if payee fails to present it at due date or commits default.Where local government exempts: Several instruments used in single transaction or sale, mortgage, or settlement u/s 4: Where more instruments are used in completion of single transaction, stamp duty shall be paid on principal instrument.Bill: There are always three parties in Bill of Exchange, like drawer (one who signs a Bill of Exchange as the maker), drawee (the person to whom a Bill of Exchange is addressed), and payee (a person to whom a Bill of Exchange is payable).

Holding of payee status: Note: Promise cannot be made of payment to maker himself. Bill: In case of Bill of Exchange maker may hold two positions at a time, i. Discharge upon refusal: Cheque: Maker of Cheque is not discharged if it is not presented unless drawer has sustained damage by the delay.Such deduction is calculated on the payable stamp duty.



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