- The first holder in [India] [Substituted by Act 43 of 1955, Section 2, for "the States " (w.e.f. 1.4.1956).] of any bill of exchange [payable otherwise than on demand] [39a. Inserted by Act 5 of 1927, Section 5.] [*] [The word "cheque " omitted by Act 5 of 1927, Section 5.] or promissory note drawn or made out of [India] [Substituted by Act 43 of 1955, Section 2, for "the States " (w.e.f. 1.4.1956).] shall, before he presents the same for acceptance or payment, or endorses, transfers or otherwise negotiates the same in [India] [Substituted by Act 43 of 1955, Section 2, for "the States " (w.e.f. 1.4.1956).], affix thereto the proper stamp and cancel the same:

Provided that