https://www.taxtmi.com/caselaws?id=197607 A post-dated cheque retains the character of a negotiable instrument because it is a bill of exchange drawn on a banker and payable on a future date. On that basis, an advance made against such a cheque falls outside the definition of "loan" under the Bombay Money Lenders Act. The commentary notes that this exclusion supports maintainability of a suit for recovery of the advance, with post-suit interest considered reasonable at the rate stated in the text. The central legal point is that post-dated cheques are treated as negotiable instruments for the statutory exclusion applicable to advances made against cheques. en-us Thu, 29 Mar 1984 00:00:00 +0530 Wed, 10 Jan 2018 17:26:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197607 A post-dated cheque retains the character of a negotiable instrument because it is a bill of exchange drawn on a banker and payable on a future date. On that basis, an advance made against such a cheque falls outside the definition of "loan" under the Bombay Money Lenders Act. The commentary notes that this exclusion supports maintainability of a suit for recovery of the advance, with post-suit interest considered reasonable at the rate stated in the text. The central legal point is that post-dated cheques are treated as negotiable instruments for the statutory exclusion applicable to advances made against cheques. Case-Laws Indian Laws Thu, 29 Mar 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197607