https://www.taxtmi.com/article/detailed?id=12519 Where a bill of exchange is accepted by a bank, that acceptance creates a separate and independent contractual undertaking by the accepting bank, rendering it liable as an acceptor under Section 37 of the Negotiable Instruments Act. An acceptance communicated via recognised interbank messaging (e.g., SFMS/MT 754) specifying a due date ordinarily evidences an assurance to pay on maturity, converting the accepting bank into a principal debtor on the instrument unless a contrary contract or clear evidence negates that undertaking. en-us Fri, 12 Apr 2024 08:53:42 +0530 Fri, 12 Apr 2024 08:53:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=12519 Where a bill of exchange is accepted by a bank, that acceptance creates a separate and independent contractual undertaking by the accepting bank, rendering it liable as an acceptor under Section 37 of the Negotiable Instruments Act. An acceptance communicated via recognised interbank messaging (e.g., SFMS/MT 754) specifying a due date ordinarily evidences an assurance to pay on maturity, converting the accepting bank into a principal debtor on the instrument unless a contrary contract or clear evidence negates that undertaking. Articles Other Topics Fri, 12 Apr 2024 08:53:42 +0530 https://www.taxtmi.com/article/detailed?id=12519