With respect to promissory note, which of the following statements is/are true?
- A promissory note denotes debt
- Payment for all promissory notes must be made on demand
Select the correct option from the codes given below:
Only 1st statement is correct. However, second statement is incorrect because Promissory note may be either demand or time.
This question is a part of GKToday's Integrated IAS General Studies Module