Bill of exchange example sentences

The bill of exchange accompanying the above documents is known as the documentary bill of exchange.It is a type of bill of exchange wherein the drawer of the bill of exchange instructs the bank to hand over the relevant documents to the importer only against payment.If a cheque deposited by the firm is dishonoured or a bill of exchange drawn by the business firm is discounted with the bank is dishonoured on the date of maturity, the same is debited to customer's account by the bank.Bank certificate of payment is a certificate that the necessary documents (including bill of exchange) relating to the particular export consignment has been negotiated (i.e., presented to the importer for payment) and the payment has been received in accordance with the exchange control regulations.The exporter sends these documents through his/her banker with the instruction that these may be delivered to the importer after acceptance of the bill of exchange — a document which is sent along with the above mentioned documents.A debt can be settled by transferring a bill of exchange through endorsement and delivery.Once the goods are despatched, the exporter prepares an invoice and sends the necessary documents such as certified copy of invoice, bill of lading, packing list, insurance policy, certificate of origin, letter of credit and bill of exchange to the importer through his/her bank.The acceptance of bill of exchange for the purpose of getting delivery of the documents is known as retirement of import documents.In the context of an export-import transaction, bill of exchange is drawn by exporter on the importer asking the latter to pay a certain amount to a certain person or the bearer of the bill of exchange.The set of documents normally contains bill of exchange, commercial invoice, bill of lading/airway bill, packing list, certificate of origin, marine insurance policy, etc.To ensure payment on due date Amit draws a bill of exchange upon Rohit for Rs.For the person who draws the bill of exchange and gets it back after its due acceptance, it is a bill receivable.It will become a bill of exchange only when Rohit writes the word “accepted” on it and append his signature thereto communicate his acceptance.Drawee is the purchaser or debtor of the goods upon whom the bill of exchange is drawn.As mentioned earlier in connection with the export procedure, documentary bill of exchange can be of two types: documents against payment (sight draft) and documents against acceptance (usance draft).