NI Act Section 23: Calculating maturity of bill or note payable so many months after date or sight
Negotiable Instruments Act, 1881 · Chapter 2: Of notes, bills and cheques
Also available in: हिंदी
¶In calculating the date at which a promissary note or bill of exchange, made payable a stated number of months after date or after sight, or after a certain event, is at maturity, the period stated shall be held to terminate on the day of the month which corresponds with the day on which the instrument is dated, or presented for acceptance or sight, or noted for non-acceptance, or protested for non-acceptance, or the event happens, or, where the instrument is a bill of exchange made payable a stated number of months after sight and has been accepted for honour, with the day on which it was so accepted. If the month in which the period would terminate has no corresponding day, the period shall be held to terminate on the last day of such month.
¶Illustrations
¶(a) A negotiable instrument, dated 29th January, 1878, is made payable at one month after date. The instrument is at maturity on the third day after the 28th February, 1878.
¶(b) A negotiable instrument, dated 30th August, 1878, is made payable three months after date. The instrument is at maturity on the 3rd December, 1878.
¶(c) A promissory note or bill of exchange, dated 31st August, 1878, is made payable three months after date. The instrument is at maturity on the 3rd December, 1878.
Official reference: India Code, Government of India — official section HTML — source review: 5 October 2026.Recorded edition / snapshot date: 2026-10-05.Banaka reference transcription of the official HTML snapshot; not an official or certified edition. Source wording and amendment brackets are retained; layout and footnote callouts are omitted. The recorded date is the review snapshot, not a separately dated consolidation. Hindi guides are original explanations. Read the source amendment notes and current judicial interpretation alongside the text. The historical schedule and section 2 are repealed.Read the original schedule and amendment notes
This text is for reference, not legal advice. Consult the official source for the authoritative text.
Other sections in this chapter
- 4. ''Promissory note''
- 5. ''Bill of exchange''
- 6. ''Cheque''
- 7. ''Drawer.''
- 8. ''Holder''
- 9. ''Holder in due course''
- 10. ''Payment in due course''
- 11. Inland instrument
- 12. Foreign instrument
- 13. ''Negotiable instrument''
- 14. Negotiation
- 15. Indorsement
- 16. Indorsement ''in blank'' and ''in full''
- 17. Ambiguous instruments
- 18. Where amount is stated differently in figures and words
- 19. Instruments payable on demand
- 20. Inchoate stamped instruments
- 21. ''At sight''
- 22. ''Maturity''
- 24. Calculating maturity of bill or note payable so many days after date or sight
- 25. When day of maturity is a holiday