Law: Foreign Exchange Regulation Act, 1947

Section: S. 21(3)

Law: Negotiable Instruments Act, 1881

Section: S. 8

  Foreign Exchange Regulation Act (VII of 1947), S. 21(3) ---Relates to contracts having condition as to permission of Central Government or State Bank for institution of suit or execution of decree and no other case.   Negotiable Instruments Act (XXVI of 1881), S. 8-- Endorsee, not endorser, is entitled to realise money from drawee.   Negotiable Instruments Act (XXVI of 1881), S. 46, para. 3-Authorises disclosure of real position between endorser and endorsee-Not between endorser and acceptor.   Negotiable Instruments Act (XXVI of 1881), S. 46, para. 3-Endorser wanting endorsee to act as agent-Must be shown on note itself.   Negotiable Instruments Act (XXVI of 1881), S. 7--- Acceptance-Essentials-Must be written, signed by drawee or his agent, on the bill and completed by delivery.   Negotiable Instruments Act (XXVI of 1881), Ss. SO & 46--- Leading of evidence-Circumstances.   When an endorser has endorsed a bill of exchange in favour of endorsee and made delivery of bills of exchange to endorsee without qualification, in that case in between endorser and endorsee, endorser can lead evidence to show what is apparent is not real thing but endorser cannot lead any oral evidence to show what is apparent is not real when endorser instead of endorsee wants to realise money from drawee. Similarly drawee can lead evidence to show himself as an agent of drawer, if case is between drawer and drawee but not entitled to plead when suit is between endorsee and drawer. JUDGMENT   HASAN, J.-On the 29th of November 1951, Messrs Bansidhar Gopaldas and Company, a firm carrying on business as Exporters and Importers in Singapore drew .three bills of exchange for Rs. 6,444-0-3, Rs. 4,197-5-3 and Rs. 7,613-4-0 vide Exhs. 1, 1 (a), and 1 (b) respectively, upon the defendants Messrs Durvesh Brothers, a firm carrying on business in Karachi and Chittagong payable 45 days after sight. Thereafter Messrs Bansidhar Popaldas and Company endorsed the three bills in favour of the Bank of India Limited, Singapore (plaintiff) with a note : "pay to the order of Bank of India Limited. Value received in account per S. S. Pentakota." The…