Which of the following is not a Negotiable Instrument as defined under The Negotiable Instrument Act, 1881 ?
Explanation & Strategy
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Section 13 of the Negotiable Instruments Act defines negotiable instruments as: promissory notes, bills of exchange, and cheques — payable to order or bearer. Hundis, though used as financial instruments in Indian commerce, are governed by custom/usage, NOT by the NI Act. They are specifically excluded.
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