Promisory note
Adv M.D.Azhar
(Querist) 25 November 2012
This query is : Resolved
dear sir if some one has executed a promissory note and he has not obtain the signature of the person in whoes favour such payment is made or the person who has given the money, signatured on the promissory note instead of the person to whom he has given money and he has also not affixed a revenue stamp so what's it value ?
Devajyoti Barman
(Expert) 25 November 2012
A Pro Note without the signature of the borrower has no force in the eye of law.
ajay sethi
(Expert) 25 November 2012
what are the facts of your case?
V R SHROFF
(Expert) 25 November 2012
Fact of case is necessary to guide u.
Pl reply Shri sethi
ajay sethi
(Expert) 25 November 2012
A promissory Note is required to be stamped in terms of Indian Stamp Act (Article 49).
Section 2(2 3) of the Indian Stamp Act 1899 makes it mandatory for affixing of stamp on any receipt as defined therein above Rs 5000 .[Previously it was Rs 500]
2(23) "Receipt" includes any note, memorandum or writing-
(a) whereby any money, or any bill of exchange, cheque or promissory note is acknowledged to have been received, or
(b) whereby any other movable property is acknowledged to have been received in satisfaction of a debt, or
(c) whereby any debt or demand, or any part of a debt or demand, is acknowledged to have been satisfied or discharged, or
(d) which signifies or imports any such acknowledgment;
