Bill of Exchange

A promissory note does not require any acceptance because the maker of the promissory note himself promises to make the payment. Ashok Kumar New Delhi Rs. , April, Three months after date I promise to pay Sh. Harish Chander or order a sum of Rupees Thirty Thousand only for value received. Stamp To Harish Chander Ashok Kumar , Ansari Road , Dariba Kalan Darya Ganj Candani Chowk New Delhi Delhi Fig. . : Showing specimen of promissory note . . Parties to a Promissory Note There are two parties to a promissory note. Maker or Drawer is the person who makes or draws the promissory note to pay a certain amount as specified in the promissory note. He is also called the promisor. Drawee or Payee is the person in whose favour the promissory note is drawn. He is called the promisee. Generally, the drawee is also the payee, unless, it is otherwise mentioned in the promissory note. In the specimen of promissory note(refer figure . ), Ashok Kumar is the drawer or maker who promises to pay Rs. , and Harish Chander is the drawee or payee to whom payment is to made. If Harish Chander endorses this promissory note in favour of Rohit then Rohit will