Bill Of Exchange

Tax Glossary Definition

Bill Of Exchange

Bill of Exchange – A Bill of Exchange is a formal, negotiable document in which one party (the drawer) instructs another (the drawee) to pay a fixed amount of money to a specified person (the payee) or to the bearer, either immediately upon presentation or on a future specified date. It serves as a key instrument in trade and credit transactions.

Example: A supplier may issue a bill of exchange to a buyer, requiring payment of ₹1,00,000 after 90 days for goods delivered on credit.

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