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CBSE Class 11-commerce Answered

What is bill of exchange 
Asked by ganesh762486 | 09 Jan, 2020, 11:23: AM
answered-by-expert Expert Answer
According  to  Section  5  of  the  Negotiable Instruments Act, 1881, “A bill of exchange is an instrument in writing containing an unconditional order signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of, a certain person or to the bearer of the instrument.”
It is drawn by a person directing another person to pay the specified sum of money to the bearer of the instrument or to a specified person on his/her order. The person so directed must accept the same so that it becomes a bill of exchange.
 
Features:
  • It is a written order to make payment.
  • It is drawn and signed by the maker, known as drawer of the bill.
  • It is an unconditional order to a person, known as drawee to pay a specified sum of money.
  • It is accepted by the drawee by signing on it.
  • It is drawn for a certain amount and is to be paid on a specific date.
  • It is payable either on demand or on the expiry of a fixed period.
  • It is payable either to a certain person or to his order or to the bearer of the bill.
  • It is stamped as per legal requirements.
Answered by Surabhi Gawade | 09 Jan, 2020, 02:25: PM

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