N. S. Toor Solutions for Chapter: Banking Law and Practice, Exercise 5: TEST YOUR SELF

The promissory note has been defined as per section _____ of the NI Act. 

Who is liable on a usance bill of exchange?

Under Section 31 of the RBI Act, who can issue the bill of exchange or promissory note payable to bearer :

(a) RBI

(b) Central Govt.

(c) Commercial Banks

(d) any person in India

Mr. Dinesh Kumar fraudulently induces Mr. Tarsem Chand to make a promissory note in favor. He endorses it to Mr. Sachin Kumar who takes it for value and without any notice of the fraud. On presentation of the note for payment, it is dishonored. Mr. Sachin Kumar wants to recover this money. Whom he can sue for recovery?

A bill of exchange is defined u/s _____of NI Act. 
 

The provision regarding noting is described under the section of NI Act : 

A Bill is presented to the drawee, What is the period during which he is to give his acceptance?

A bill drawn by ABC Ltd in favor of S is endorsed in favor of P in the blank. This bill is stolen by a person called D who delivers it to F for value by writing the words above the blank endorsement 'Pay to F'. On presentation, it is dishonored. From whom will F, be able to realize?