BILLS OF EXCHANGE
Generally when goods are sold on credit, seller would like that purchaser should give promise in writing to pay amount of goods on creation date. Now it become an commercial practice that creditor gives written promises to debtor in proper form and which is properly stamped for paying at certain specified date. These written promises are often accepted by banks and they advance money against these. The written promises may be in form as Bill as exchange and promissory note.
Bill of exchange (Definition)--According to section 5 of Negotiable instrument Act 1881, A bill of exchange is an instrument in writing containing an unconditional order sighed by the maker directing a certain person to pay a certain some of money only to, or to the order of certain person to the bearer of instruments.
In other words, a bill of exchange is an unconditional order in writing given by the creditor to debtors in writing which is payable on demand at a fixed future time, a certain sum of money.
Essential features of bill of exchange are as follows:-
(1) It must be in writing and unconditional order.
(2) It must be dated.
(3) It must contain promise to pay certain sum of money.
(4) Money will be payable to certain person or payable to bearer of Bill at exchange.
(5) Amount payable accepted by creditor in writing on its face.
· A foreign bill of exchange is generally drawn-up in triplicate.
· Section 12 of negotiable instruments Act 1881 says that all instruments which are not inland instruments are foreign.
Following are examples of foreign Bill of exchange and Promissory Note
1. A bill drawn in India on a person resident outside India and made payable outside India.
2. A bill drawn outside India and made payable outside India.
3. A bill drawn outside India on a person resident outside India
4. A bill drawn outside India and made payable in India.
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