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Under the Negotiable Instruments Act, 1881, if the indorser and the person charged reside in different…

Under s.117(d), "when the person charged and such indorser reside at different places, the indorser is entitled to receive such sum at the current rate of exchange between…

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Under the Negotiable Instruments Act, 1881, if the indorser and the person charged reside in different places:

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Under s.117(d), "when the person charged and such indorser reside at different places, the indorser is entitled to receive such sum at the current rate of exchange between the two places". The interest rate stays at eighteen per cent under s.117(c).

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