CBSE Class 11-commerce Answered
What is bill of exchange
Asked by rahulpinjani02 | 12 Feb, 2020, 08:13: AM
Expert Answer
Bill of Exchange:
- 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.
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