promissory note will come under hundies or not
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According to Reserve Bank of India Act, promissory note payable to bearer is illegal, because then it becomes equal to a currency note. Another important point of observation is that promissory note do not require acceptance as it is the maker who gives the promise.
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According to Reserve Bank of India Act, promissory note payable to bearer is illegal, because then it becomes equal to a currency note. Another important point of observation is that promissory note do not require acceptance as it is the maker who gives the promise.
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