Section 11 of NIA : Section 11: Inland Instrument

NIA

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Explanation using Example

Imagine that Rita, who lives in Mumbai, borrows ₹50,000 from her friend Arun. To formalize the loan, Rita writes a promissory note promising to repay the amount to Arun in six months. Since the promissory note is drawn by Rita in India and is payable to Arun, who is also a resident of India, this promissory note would be considered an inland instrument under Section 11 of The Negotiable Instruments Act, 1881.

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