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Questions
What are the types of Commercial Bill?
Explain the types of Commercial Bills?
Answer in Brief
Solution
- Demand and Usance Bills: A demand bill is one wherein no specific time of payment is mentioned. So, demand bills are payable immediately when they are presented to the drawee.
- Clean Bills and Documentary Bills: Bills that are accompanied by documents of title to goods are called documentary bills. Clean bills are drawn without accompanying any document.
- Inland Bills and Foreign Bills: Bills that are drawn and payable in India on a person who is resident in India are called inland bills.
- Indigeneous Bills: The drawing and acceptance of indigenous bills are governed by native custom or usage of trade.
- Accommodation and Supply Bills: Accommodation bills are those which do not arise out of genuine trade of transactions.
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Money Market Instruments
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