Chapter II - Of Notes, Bills and Cheques
Section 24
Section 24: Calculating maturity by days
Section 24 prevents the starting day from being counted when calculating a note or bill payable a specified number of days after the relevant date, sight or event.
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Need advice on Section 24?
This article is for general information. Refer to the Negotiable Instruments Act, 1881 official text for the official provisions. If you need professional advice for your situation, contact Bizeneed.
Statutory text
Bare law
In calculating the date at which a promissory note or bill of exchange made payable a certain number of days after date or after sight or after a certain event is at maturity, the day of the date, or of presentment for acceptance or sight, or of protest for non-acceptance, or on which the event happens, shall be excluded.
Key rule and applicability
Identify the legally relevant starting event and exclude that day. The text expressly lists the date, presentment for acceptance or sight, protest for non-acceptance and occurrence of the specified event.
Limits and related provisions
This is a day-count rule, not the month-count rule in section 23. The final maturity calculation must also consider the applicable section 22 grace rule and section 25 public-holiday adjustment.
Hypothetical business example
Hypothetical: a qualifying bill is dated 1 June and payable ten days after date. Excluding 1 June makes 11 June the end of the stated ten-day period; any applicable grace and holiday adjustment is then considered separately.
Practical decision flow
Identify the exact trigger specified by the instrument and applicable law.
Exclude the trigger day and count the stated number of days.
Record separately any days of grace and public-holiday adjustment.
Practical checklist
Do
- Identify the exact trigger specified by the instrument and applicable law.
- Exclude the trigger day and count the stated number of days.
- Record separately any days of grace and public-holiday adjustment.
Avoid
- This is a day-count rule, not the month-count rule in section 23. The final maturity calculation must also consider the applicable section 22 grace rule and section 25 public-holiday adjustment.
Glossary
- Trigger day
- The date or event day excluded from this calculation.
- Stated period
- The number of days specified by the instrument.
Frequently asked questions
Is the day of the instrument’s date counted?
No, when applying the stated after-date calculation under section 24.
Does the section also cover an event-based period?
Yes. It includes a stated number of days after a certain event and excludes the event day.
Can this rule be used as a complete final-date calculation alone?
Check the instrument and the separate grace and public-holiday rules before fixing final maturity.
Need help applying this provision to your situation?
Contact BizeneedLast updated 10 October 2026