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Identification of Due Date in Various Cases



Date of maturity = Due date + 3 days (grace days). Hence,

  • Maturity date for ‘After date bill’ = Date of drawing + period + 3 grace days
  • Maturity date for ‘After sight bill’ = Date of acceptance + period + 3 grace days
  • Maturity date for ‘At sight bill’ = Date of presentation

When the date of maturity is a public holiday, the preceding business day will be the date of maturity

When the date of maturity is an emergency / unforeseen holiday, the next working day will be the date of maturity

Public holidays for this chapter will include the following

  • All Sundays
  • 26th January (Republic day)
  • 1st April (Bank holiday)
  • 15th August (Independence day)
  • 30th September (half year ending)

Note:
• Sundays can be ignored unless some specific information is given with which you can calculate the Sunday
• Unless specifically given, the bill is always assumed as a “bill after date”
• Even if due date is asked, maturity date has to be calculated.

 

Illustration on Calculation of Due Date and Date of Maturity

 

The drawer demanded the amount of last two bills on 20th January





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