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).
https://www.amazon.in/Telugu-Promisary-Proof-Borrows-Papers/dp/B08XKJS3YQ

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.

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Quick Summary

This discussion explores the validity of promissory notes, specifically concerning the maximum amount that can be stated and any associated time limits or expiry dates. While some believe there's no limit, others suggest a range of £5-10 lakh. The response clarifies that the statute of limitations can vary significantly by region, typically between three to 15 years, and advises consulting a local legal professional for definitive guidance.

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.