Problem-01 
  When would the following items fall due for payment and why? 
  (a )Bill dated 26th January, 1968 payable after one month. 

  Solution:
  That bill would fall due for payment on 29th  February 1968 (as in 1968 February had 29 days).
The reason is that the period of one month shall be held to terminate on the
day which corresponds with the day on which the bill is drawn (i.e. 26th
January).​
  The corresponding date after one month will be February 26th and after adding 3 days of grace period, 
   the bill will mature on: 

                              26th January 1968 
                              +3 days of grace 
  ---------------------------------------------------- 
      Maturity date= 29th January 1968 
(b) Bill dated 7th March, 1967 payable 20 days after sight and accepted on 10th
March, 1967.

Solution:
That bill would fall due for payment on 2nd April 1967. 

Section 23 and section 24 of the Negotiable Instruments Act –1881 “in case a bill
or note is payable a certain number of days after date or after sight or after
certain event, the day of the date or of presentment for acceptance or sight
shall be excluded in calculating the day of maturity.”​

So after 20 days, the bill will mature on 30th March 1967 and after adding 3 days of grace period the
maturity date of the bill will be:

                         30th March 1967

                        + 3 days of grace (31st March, 1st April, 2nd April)
-----------------------------------------------------------
  Maturity date= 2nd April 1967.
(c) A promissory note dated 16th January, 1968 payable 45 days after date
without grace.

Solution:
That note would fall due for payment on 1st March 1968.
Section 23 and section 24 of the Negotiable Instruments Act –1881 “in case a bill or
note is payable a certain number of days after date or after sight or after certain
event, the day of the date or of presentment for acceptance or sight shall be
excluded in calculating the day of maturity.”​​
So 45 days of the maturity period would complete as follows:

                           15 days of January (excluding 16 January)

                           29 days of February (as in 1968 February had 29 days)
                           1 day of March (1st March, 1968)
--------------------------------------------------------------------------------------------------
                           Total=45 days.

That’s how the 1st March 1968, maturity date of the bill, has found.
   (d) Bill dated 28th November, 1967, payable 90 days after date.
    Solution:
   That above would fall due for payment on 29th February 1968 (as in 1968 February had 29 days).

Revising the previous law, I would count the period as follows:

  
    90 days of the maturity period would complete as follows:

                   2  days of November 1967(excluding 28th November)

                  31 days of December 1967
                  31 days of January 1968
                  26 days of February 1968( 26th February 1968) It's compulsory to
                  --------------------------------------------------- give grace period.
                  Total=90 days

     So the actual Maturity date of the bill will be:

                           26 February 1968
                         + 3 days of grace (27th, 28th, 29th February)
            --------------------------------------------------------
     Maturity date=29th February 1968