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A bill of exchange is generally drawn by the creditor upon his debtor. It has to be accepted by the drawee (debtor) or someone on his behalf. It is just a draft till its acceptance is made.
bill of exchange, also called draft or draught, short-term negotiable financial instrument consisting of an order in writing addressed by one person (the seller of goods) to another (the buyer) requiring the latter to pay on demand (a sight draft) or at a fixed or determinable future time (a time draft) a certain sum ...
A bill of exchange is of real use if it is accepted by the person directed to pay the amount. For example, X orders Y to pay \u20b9 50,000 for 90 days after date and Y accepts this order by signing his name, then it will be a bill of exchange.
When a bill was drawn by the creditor upon his debtor, it has to be accepted by the debtor or someone on his behalf. The acceptance made by debtor makes draft a bill.
A bill of exchange or Promissory Note may be treated as a Bill Payable, when payment has to be made against it. Thus, a bill of exchange is a Bill Payable for the drawee (Acceptor). Thus, it is clear that Bills of Exchange or Promissory Notes can be Bills Receivable to one party and Bills Payable to another party.

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Any member bank may accept drafts or bills of exchange drawn upon it having not more than three months' sight to run, exclusive of days of grace, drawn under regulations to be prescribed by the Board of Governors of the Federal Reserve System by banks or bankers in foreign countries or dependencies or insular ...
A bill of exchange is of real use if it is accepted by the person directed to pay the amount. For example, X orders Y to pay \u20b9 50,000 for 90 days after date and Y accepts this order by signing his name, then it will be a bill of exchange.
A bill of exchange is issued by the creditor and orders a debtor to pay a particular amount within a given period of time. The promissory note, on the other hand, is issued by the debtor and is a promise to pay a particular amount of money in a given period.
A bill of exchange details the goods shipped to the buyer, the invoice amount for payment, the date payment is due, and bank details, since the buyer usually makes a payment from his bank to the seller's bank.
In international trade, the exporter, or seller, presents a bill of exchange to the buyer, or importer, who must sign the bill for it to be valid. The bill of exchange unconditionally requires the buyer to pay a certain amount either on receipt of the bill or at some specified date in the future.

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