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LAWS RELATED TO BILL FINANCE
What is a Bill of Exchange as defined under 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.
Under which Act are Bills of Exchange primarily governed in India?
Negotiable Instruments Act, 1881 governs Bills of Exchange.
Who are the three parties typically involved in a Bill of Exchange?
The three parties are the Drawer (who draws the bill), the Drawee (on whom the bill is drawn and who must pay), and the Payee (who receives the payment).
What is the maximum 'Days of Grace' allowed on a usance bill under the NI Act?
Three days of grace are allowed under NI Act.
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