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Friday, October 13, 1972
CONFUSION ON PAYMENT OF BILLS OF EXCHANGE TO BE ELIMINATED
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Amending legislation to bring into accord with current international
practice the method of calculating the due date of payment on bills of exchange
not payable on demand, will be introduced into the Legislative Council shortly.
The Bills of Exchange (Amendment) Bill 1972 seeks to abolish the
three "days of grace" presently allowed to be added to the date of payment of
a bill of exchange not payable on demand.
It also provides for all bills of exchange due payable on a date
which is a general holiday to be payable on the succeeding business day.
A Government spokesman said the practice of calculating the due date
of payment on bills of exchange, drawn other than on demand, varies from bank
to bank.
The bill aims at eliminating this confusion as well as clearing up
the anomaly whereby a bill falling due on a general holiday is in some cases
payable on the preceding business day and in others on the succeeding business
day.
The bill is published in today's Government Gazette for general
information.
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