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Question
When the amount of a bill is paid on its due date, it is said to be retired ?
Solution
False
When the amount of a bill is paid on its due date, the bill is said to be honoured. However, when a holder receives the amount of a bill before the maturity date on the request of the acceptor, then the bill is said to be retired.
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RELATED QUESTIONS
A bill is drawn on 23rd Sept., 2013 at 4 months would be payable on .................................
A. 24th Jan. 2014
B. 25th Jan. 2014
C. 26th Jan. 2014
D. 25th Jan. 2013
Payment of the bill before due date.
What is 'due date of a bill'?
(b) Retirement of bill
(c) Renewal of bill
(d) Endorsement of bill
A bill is drawn on 23rd October, 2016 payable after 3 months, the due date of the bill will be .................
Retirement of bill means payment of the bill before due date.
Answer the following question in one sentence only.
What is due date of bill?
