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Index >> Letter B  
       
Bill of exchange : meaning
 
 

Section 5 of Negotiable Instrument Act, 1881 says

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.

Thus Bill of exchange is an instrument in writing by a party (maker or drawer) unconditionally ordering another (payor) to pay a certain amount to a third party (payee).

It is the same as a draft. A bill of exchange drawn on a bank account is a "check."

 

 

 

   

   
 
   

   
   
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