Promissory Notes in India- There is no maximum amount that can be borrowed or lent through a promissory note in India.
- The time limit for a promissory note is three years from the date of writing.
- It is important to take care when affixing the stamp on the promissory note and obtaining signatures.
- The following are important things to keep in mind when using promissory notes in India:
- Make sure that the promissory note is in writing and signed by the borrower.
- State the amount of money that is being borrowed and the date on which the money is due to be repaid.
- Get the promissory note stamped with the appropriate amount of revenue stamp duty.
- Keep a copy of the promissory note for your records.
If you are considering borrowing or lending money through a promissory note, it is important to seek legal advice to ensure that you understand your rights and obligations.
