Section 24 of NIA : Section 24: Calculating Maturity Of Bill Or Note Payable So Many Days After Date Or Sight

Explanation using Example

Imagine John issues a promissory note to Sarah on March 1st, which states that the amount is to be paid 30 days after the date of the note. According to Section 24 of The Negotiable Instruments Act, 1881, when calculating the maturity date of this promissory note, March 1st—the day the note was issued—would not be counted. Therefore, the 30-day period starts on March 2nd, making the maturity date of the note March 31st, which is when Sarah can expect payment from John.