Inland instrument means:
1
A promissory note, bill of exchange or cheque drawn or made in India and made payable in or drawn upon any person resident in, India shall be deemed to be an inland instrument.
2
A promissory note, bill of exchange or cheque drawn or made in India and made payable in or drawn upon any person resident outside India shall be deemed to be an inland instrument.
3
A promissory note, bill of exchange or cheque drawn or made outside India and made payable in, or drawn upon any person resident in, India shall be deemed to be an inland instrument.
4
None of the above.