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Belgian bill of exchange, 1933. A bill of exchange is essentially an order made by one person to another to pay money to a third person. A bill of exchange requires in its inception three parties—the drawer, the drawee, and the payee. The person who draws the bill is called the drawer. He gives the order to pay money to the third party.
Hundis are used as a form of remittance instrument to transfer money from place to place, as a form of credit instrument or IOU to borrow money and as a bill of exchange in trade transactions. The Reserve Bank of India describes the hundi as "an unconditional order in writing made by a person directing another to pay a certain sum of money to a ...
A "clean bill of lading" (aka "on-board bill of lading") is used when there is full compliance with no discrepancies between the description filed by the shipper and the actual goods shipped. A clean bill of lading indicates that the goods have been properly loaded onboard the carrier's ship in accordance with the contract.
The Bills of Exchange Act 1882 (45 & 46 Vict. c. 61) is an act of the Parliament of the United Kingdom that codified the law relating to bills of exchange.Bills of exchange are widely used to finance trade and, when discounted with a financial institution, to obtain credit.
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This page was last edited on 16 April 2020, at 00:30 (UTC).; Text is available under the Creative Commons Attribution-ShareAlike 4.0 License; additional terms may ...
These cheque books became a common format for the distribution of cheques to bank customers. In the late 19th century, several countries formalized laws regarding cheques. The UK passed the Bills of Exchange Act 1882, and India passed the Negotiable Instruments Act, 1881; [25] which both covered cheques.
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