Promissory note validity

Querist : Anonymous (Querist) 31 July 2021 This query is : Resolved
Hi Sir,

I want to understand if there is a limit on the maximum amount to be mentioned on a promissory note(please click on below link to see it).
https://www.amazon.in/Telugu-Promisary-Proof-Borrows-Papers/dp/B08XKJS3YQ

Some people quote there is no limit, and some people claim there is limit of 5 to 10 lakhs.

Also is there is a time limit?
Meaning, if we wrote the promissory note dated 21/01/2019, then what is the expiry date for the note?

Thank you sir.
Please help.

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kavksatyanarayana (Expert) 31 July 2021
Depending on which state you live in, the statute of limitations with regard to promissory notes can vary from three to 15 years.

Dr J C Vashista (Expert) 01 August 2021
Show the document to a local prudent lawyer for professional advise.

Dr Sanjay Sinvhal (Expert) 02 August 2021
Your query is more of an enquiry.
Payee/Drawer of PN will decide the Terms, payment schedule, Interest etc.

P. Venu (Expert) 02 August 2021
What are the facts? What is the context?

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