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Section 24: Calculating maturity of bill or note payable so many days after date or sight

Negotiable Instruments Act • Official Statutory Text & Practice Guide

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Competent Court / Tribunal
Act 1881
Section 23 All 148 Sections of Negotiable Instruments Act Section 25

Legal Commentary & Landmark Judgments: Section 24

Section 24 regulates the calculation of maturity for instruments payable a stated number of days after date or sight, excluding the day from which the period begins to run.

  • Exclusion of Initial Day: The date on which the instrument is drawn, presented for sight, or the day of an event happening is excluded from the count.
  • Sequential Day Counting: Consecutive calendar days are counted forward, followed by the addition of the three mandatory days of grace under Section 22.
  • Interplay with General Clauses Act: Mirrors Section 9 of the General Clauses Act, 1897 regarding exclusion of the first day in statutory period computations.
Key Landmark Precedents:
  • Radheyshyam v. Gajanand: Held that in calculating a 60-day bill after sight, the day of acceptance is excluded; the 60th day represents nominal maturity, followed by 3 days of grace.
  • Rangaswami v. Thangavelu: Affirmed that failure to exclude the first day results in defective presentment and invalidates statutory dishonour notices.
Courtroom Practice & Strategic Litigation Guidance:

This exclusion rule is also critical when calculating the 15-day statutory notice period under Section 138(c). The day the drawer receives the demand notice is excluded; the 15-day cure clock begins on the subsequent calendar day.

Section 23 All 148 Sections of Negotiable Instruments Act Section 25