Banknote Fractional-reserve banking predates the existence of governmental monetary authorities and originated many centuries ago in bankers' realization that generally not all depositors demand payment at the same time.
August 16, by Sreekanth Reddy Comments A friend in need is a friend indeed. We generally approach our friends or close family members when we are in need of any financial help. We lend or borrow money based on mutual trust. Usually these types of loans hand loans are unsecured.
In most cases, the terms and conditions of a loan are undefined. If the payback repayment of loan does not happen, the relationship between the two parties gets strained. Is there any way to protect the interest of the two parties?
Is there any legal document so that you can clearly define the terms and conditions of the loan? There are two ways of doing this: What is the difference between Promissory Note and Loan Agreement?
What is a Promissory Note? Promissory note is a written promise to pay a debt. It is a financial instrument, in which one party maker or issuer promises in writing to pay a determinate sum of money to the other the lendereither at a fixed, determinable future time or on demand of the payee subject to specific terms and conditions.
Things to keep in mind while writing a Promissory Note: It is governed by Section 4 of the Negotiable Instruments Act, Promissory Note executed in one State may be presented in another State in India with the stamp bearing on the promissory note.
No additional stamp duty need to be paid It should always be in hand written.
The promise to re-pay money and no other conditions should be mentioned in PN. You may also execute the PN note on a Stamp paper if revenue stamps are not available. You can mention the cheque details in PN note. The Pro Note is valid for only 3 years from the date of execution.
The repayments are generally hand written on the back side of PN document signed by both the parties. PN is generally held by the Lender Issuer.
And can be returned to the payee borrower. Witness signature is not required. But it is advisable to get it signed by a witness a person who is not a party of the note. You may consider getting it notarized as well but it is not mandatory Sample Promissory Note Template:A friend in need is a friend indeed.
We generally approach our friends or close family members when we are in need of any financial help. We lend (or) borrow money based on mutual trust.
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