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Question
Give word / term or phrase for the following statement.
Fees charged by the Notary public on dishonour of a bill.
Solution
Noting charges
Explanation: When a bill is presented for payment and the acceptor fails to make the payment, the bill gets dishonoured. In order to keep a legal proof of such dishonour, the bill is noted by the Notary Public (who is approved by the government). In exchange for the notary service, the Notary Public charges fees known as noting charges.
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RELATED QUESTIONS
Answer the following question in one sentence only.
What are Noting Charges?
Noting charges are payable to the Notary public, in case of honour of a bill.
Give word/term or phrase for the following statement.
Officer appointed by the Central Government for noting of dishonor of a bill
Write True or False
Noting charges are payable to the Notary public on honour of a bill.
