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Promissory note validity

Querist : Anonymous (Querist) 31 July 2021 This query is : Resolved 
Hi Sir,

I want to understand if there is a limit on the maximum amount to be mentioned on a promissory note(please click on below link to see it).

Some people quote there is no limit, and some people claim there is limit of 5 to 10 lakhs.

Also is there is a time limit?
Meaning, if we wrote the promissory note dated 21/01/2019, then what is the expiry date for the note?

Thank you sir.
Please help.

kavksatyanarayana (Expert) 31 July 2021
Depending on which state you live in, the statute of limitations with regard to promissory notes can vary from three to 15 years.
Dr J C Vashista (Expert) 01 August 2021
Show the document to a local prudent lawyer for professional advise.
Dr Sanjay Sinvhal (Expert) 02 August 2021
Your query is more of an enquiry.
Payee/Drawer of PN will decide the Terms, payment schedule, Interest etc.
P. Venu (Expert) 02 August 2021
What are the facts? What is the context?

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