How many days of grace are added to the period of a Bill of Exchange??
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The term maturity refers the date on which a bill of exchange or a promissory note becomes due for payment. In arriving at the maturity date three days, known as days of grace, must be added to the date on which the period of credit expires instrument is payable.
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The term maturity refers the date on which a bill of exchange or a promissory note becomes due for payment. In arriving at the maturity date three days, known as days of grace, must be added to the date on which the period of credit expires instrument is payable.
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While calculating the due date of the bill,it is compulsory to add three days to the period of the bill.These three days are called 'Days of Grace'.
While calculating the due date of the bill,it is compulsory to add three days to the period of the bill.These three days are called 'Days of Grace'.
Regarding the above, if the date of overall maturity falls on a public holiday, the maturity date will go a day back to the previous day however, in cases of emergency holidays, it will move ahead to the next day.
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