Promissory Note Format Hindi

PROMISSORY NOTE (वचन पत्र)

Document ID: PN-2024-001
Effective Date: [Date]
Governing Jurisdiction: Republic of India (State of [State Name])
Version: 1.0

LEGAL COMPLIANCE NOTICE (कानूनी अनुपालन सूचना)

This document is a formal Promissory Note drafted in accordance with the Negotiable Instruments Act, 1881 of India. It is intended for commercial use. Parties are advised that for enforceability, this document must be executed on non-judicial stamp paper of the appropriate value as prescribed by the Stamp Act of the respective State and may require notarization or registration depending on the underlying transaction value. Seek local legal counsel for specific jurisdictional compliance.

1. PARTIES (पक्ष)

This Promissory Note is made by [Maker Name/Borrower], residing at/having its registered office at [Maker Address] ("Maker"), in favor of [Payee Name/Lender], residing at/having its registered office at [Payee Address] ("Payee").

2. PROMISE TO PAY (भुगतान का वचन)

FOR VALUE RECEIVED, the Maker hereby unconditionally promises to pay to the order of the Payee, the principal sum of [Amount in INR/USD] ([Amount in Words]), together with interest on the unpaid principal balance at the rate of [Rate]% per annum, calculated on the basis of a 365-day year.

3. PAYMENT TERMS (भुगतान की शर्तें)

The principal amount and accrued interest shall be payable in full on or before [Maturity Date]. Payments shall be made in [Currency] via electronic fund transfer or demand draft to the account designated in writing by the Payee.

4. DEFAULT AND ACCELERATION (डिफ़ॉल्ट और त्वरण)

In the event the Maker fails to make any payment when due, or upon the insolvency, bankruptcy, or liquidation of the Maker, the Payee may declare the entire outstanding principal and accrued interest immediately due and payable. Failure to exercise this option shall not constitute a waiver of the right to exercise the same in the event of any subsequent default.

5. PREPAYMENT (पूर्व भुगतान)

The Maker reserves the right to prepay the principal amount in whole or in part at any time without penalty. Any partial prepayment shall be applied first to accrued interest and then to the principal.

6. REPRESENTATIONS AND WARRANTIES (प्रतिनिधित्व और वारंटी)

The Maker represents that they have the full legal capacity, authority, and power to execute this Promissory Note and that this document constitutes a legal, valid, and binding obligation of the Maker, enforceable in accordance with its terms.

7. GOVERNING LAW AND JURISDICTION (शासी कानून और क्षेत्राधिकार)

This Promissory Note shall be governed by and construed in accordance with the laws of India. Any disputes arising out of or in connection with this Note shall be subject to the exclusive jurisdiction of the courts located in [City, State].

8. MISCELLANEOUS (विविध)

• Severability: If any provision of this Note is held invalid or unenforceable, the remaining provisions shall remain in full force and effect.
• Entire Agreement: This document constitutes the entire agreement between the parties regarding the subject matter hereof and supersedes all prior agreements.
• Amendments: No amendment or modification of this Note shall be valid unless in writing and signed by both parties.

9. EXECUTION (निष्पादन)

FOR [MAKER NAME]:
Signature: _____________________________________
Printed Name: [Name of Signatory]
Title: [Title / Role]
Date: [Date]

FOR [PAYEE NAME]:
Signature: _____________________________________
Printed Name: [Name of Signatory]
Title: [Title / Role]
Date: [Date]

STEP-BY-STEP EXECUTION & FILING GUIDE (निष्पादन और फाइलिंग गाइड)

1. Stamp Duty Verification: Determine the applicable stamp duty for "Promissory Notes" in your specific Indian State. Purchase non-judicial stamp paper of the equivalent value.
2. Document Preparation: Copy the above text into a word processor. Fill all bracketed fields [...] accurately.
3. Printing: Print the finalized document on the non-judicial stamp paper. If the text exceeds one page, use supplementary judicial papers for the remainder.
4. Signatory Authority: If a party is a corporation, ensure the signatory holds a Board Resolution authorizing them to sign promissory notes. If an individual, obtain a copy of their government-issued ID (PAN/Aadhaar) to append to the record.
5. Execution: The Maker must sign in the presence of two witnesses who shall also sign the document, including their full names and addresses.
6. Digital Execution: If using DocuSign/Adobe Sign, ensure you have enabled "Witness" fields and verify the identity of the signer via email/phone authentication.
7. Record Retention: Store the original signed physical copy in a fireproof, secure environment. Electronic copies should be stored in a legally compliant document management system with encrypted backups.