Section 63 - Drawee's time for deliberation, Section 64 -
Presentment for payment : Negotiable Instruments Act 1881
What is Drawee's time for deliberation? What is Presentment for
payment? Drawee's time for deliberation and Presentment for payment are defined under Section
63 and 64 of Negotiable
Instruments Act 1881
Section 63 of Negotiable Instruments Act 1881: "Drawee's time for
The holder must, if so required by the drawee of
a bill of exchange presented to him for acceptance,
allow the drawee forty-eight hours (exclusive of
public holidays) to consider whether he will accept
Section 64 of Negotiable Instruments Act 1881:
"Presentment for payment"
(1) Promissory notes, bills of exchange and cheques must be
presented for payment to the maker, acceptor or drawee thereof
respectively, by or on behalf of the holder as hereinafter
provided. In default of such presentment, the other parties
thereto are not liable thereon to such holder.
authorized by agreement or usage, a presentment through the post
office by means of a registered letter is sufficient.
Exception. - Where a promissory note is payable on demand and is
not payable at a specified place, no presentment is necessary in
order to charge the maker thereof.
(2) Notwithstanding anything contained in section 6,
where an electronic image of a truncated cheque is
presented for payment, the drawee bank is entitled to
demand any further information regarding the truncated
cheque from the bank holding the truncated cheque in
case of any reasonable suspicion about the genuineness
of the apparent tenor of instrument, and if the
suspicion is that of any fraud, forgery, tampering or
destruction of the instrument, it is entitled to further
demand the presentment of the truncated cheque itself
Provided that the truncated cheque
so demanded by the drawee bank shall be retained by it, if the
payment is made accordingly.