BILLS OF EXCHANGE ACT - 1961 (ACT 55)

Section - 12 - Computation of Time of Payment

Where a bill is not payable on demand, the day on which it falls due is determined as follows-

(a) Three days called days of grace are, in every case where the bill itself does not otherwise provide, added to the time of payment as fixed by the bill, and the bill is due and payable on the last day of grace:

Provided that-

(i) when the last day of grace falls on Sunday, Christmas Day, or Good Friday, the bill is, except in the case hereinafter provided for, due and payable on the preceding business day;

(ii) when the last day of grace falls on any other non-business day, or when the last day of grace is a Sunday and the second day of grace is also a non-business day, the bill is due and payable on the succeeding business day.

(b) Where a bill is payable at a fixed period after date, after sight, or after the happening of a specified event;, the time of payment is determined by excluding the day from which the time is to begin to run and by including the day of payment.

(c) Where a bill is payable at a fixed period after sight the time begins to run from the date of the acceptance if the bill be accepted and from the date of noting or protest if the bill be noted or protested for non-acceptance or for non-delivery.

(d) The term "month" in a bill means calendar month.