Where local government exempts: Several instruments used in single transaction or sale, mortgage, or settlement u/s 4: Where more instruments are used in completion of single transaction, stamp duty shall be paid on principal instrument.
Duty on principal document: Duty is paid only on principal document. Duty prescribed in Schedule shall not be applicable.
The Commonwealth Bank of Australia's rules and conditions for cheques (2014: Section 1.7.6 'Dishonour of cheques') clearly state that a cheque will be dishonoured if it is presented before the post-date as written on the cheque for the reason that, '..cheque bears a date that is in the future.
This is known as a post-dated cheque and it cannot be paid until that date arrives.' While this is a sound interpretation of Australian Commonwealth law, for insurance reasons the bank protects itself from possible attack with the condition (2014: Section 1.7.1 'Using your cheques '): 'You authorise us to pay a post-dated cheque (one which is dated with a date in the future) drawn on your account and presented for payment at any time before the date of the cheque arrives.' In Brazil, the drawer may seek damages in Justice if their cheque is cashed in before its due date, according to the jurisprudential orientation of the Superior Court of Justice, as per Summary No. Under the clearing rules of the Canadian Payments Association, a post-dated cheque cannot be cashed prior to the date written on it.
The post-dated cheque is not payable till the date which is shown on the face of the said document.
It will only become cheque on the date shown on it and prior to that it remains a bill of exchange under Section 5 of the Act.
Difference between Promissory Note and Bill of Exchange: A Promissory Note differs from a Bill of Exchange in the following respects: Parties: Note: There are two parties in Promissory Note like promisor and promisee or maker and payee.
Bill: There are always three parties in Bill of Exchange, like drawer (one who signs a Bill of Exchange as the maker), drawee (the person to whom a Bill of Exchange is addressed), and payee (a person to whom a Bill of Exchange is payable).
A Canadian bank, for example, is not supposed to process a post-dated cheque and if it does so by mistake, the cheque writer may ask their bank to correct the error.In the United States and the UK, post-dated cheques are negotiable instruments and can be drawn upon at any time, while in India and Australia post-dated cheques are not payable until the date written on the cheque. (1) Where a cheque, or any indorsement of a cheque, is dated, the date shall, unless the contrary is proved, be presumed to be the day on which the cheque was drawn or the indorsement made, as the case may be.(2) A cheque is not invalid by reason only that- (a) it is not dated; (b) it is antedated or post-dated; or (c) the date it bears is a Sunday.Holding of payee status: Note: Promise cannot be made of payment to maker himself. Bill: In case of Bill of Exchange maker may hold two positions at a time, i. Discharge upon refusal: Cheque: Maker of Cheque is not discharged if it is not presented unless drawer has sustained damage by the delay.Bill: Drawer discharges if payee fails to present it at due date or commits default.