Types of Bills of Exchange

 

Types of Bills of Exchange

Types of Bills of Exchange

(a) Sight Bill of Exchange: In this Bill of Exchange, also known as demand Bill of Exchange, the drawee has to make the payment, on presentation.

(b) Usance Bill of Exchange: In case of Usance or Time Bill or Exchange, payment is to he made on the maturity date, after a certain period, known as tender . When the calculation of period the calculation of period is made with reference to the sight of bill, the bill is known as 'after sight usance Sometimes, the maturity date is vale

(c) Clean Bill of Exchange: A clean Bill of Exchange is one when the relative shipping documents do not accompany with it. In this case, the relative shipping documents i.e. Bill of Lading is sent directly to the importer to enable him to take delivery of the cargo.

(d) Documentary Bill of Exchange: A documentary Bill of Exchange is one where the relative shipping documents such as Bill of Lading, marine insurance policy, invoice and other documents are sent along with the Bill of Exchange. This is the common form in export trade.

The documents are given to the bank either for collection or negotiation. in case the importer gets the documents on acceptance, it is called Documents against Acceptance. If the importer gets the documents only on payment, it is caned Documents against Payment,

After shipment of goods, the exporter draws the bill on the importer or -more as agreed between the exporter and frequently, on hank acting for the importer, importer, the exporter usually draws the hill to his own order or that of his bank. Later, he endorses the bin in favor of his bank. Exporter may request his to collect or purchase the bill. In case of purchase of bin, exporter receives the export proceeds immediately. In any case, the exporter’s bank sends the documents to its branch or correspondent. bank in importer's place. The bank at that end sends the intimation of receipt, of documents to the importer either for acceptance or payment, dependent on the nature of bill drawn. In case of Documents against acceptance, importer accepts the bill and then only gets title to goods. In case of Documents against payment, importer has to make the payment for securing delivery of documents.

How to obtain Phyto sanitary certificate. What is phytosanitary certification

How to obtain waiver on detention/ demurrage on imported goods/container from Shipping company/CFS

Transferability of Bill of Lading

Transhipment - A redefinition

Travelers to India under import duty exemption, Frequently Asked Questions Part 2

Triangular export

Triangular shipment

Types of Insurance Documents.

Import General Manifest (IGM)

Importance of Bill of Lading

Introduction to this web site.

Is Airway bill a documents of title?

Is Customs House Agents (CHA ) required to be appointed mandatory?

Transferability of Bill of Lading

Transhipment - A redefinition

Does GST registration number of my firm change time to time in India?

Is GST registration required for a public sector undertaking?

Is amendment of GST registration allowed in India?

Click here to know GST rate on Goods and Services

GST Exemption list of goods and services

Find HSN number or Service tariff code for GST

GST registration guidelines

Indian GST Laws

How to export your goods?

Learn exports imports free of cost

GST rate changes 06th October, 2017

Reduced GST rates as per GST council meet 09th September 2017

Revised GST rates on 11th June, 2017

GST exemptions for SME

GST, Composition scheme changes

GST council meet decision as on 06th October, 2017

GST on imports by EOUs and SEZs

Changes of operation of SEZ

Does CVD exists under project imports?

Baggage clearance after GST implementation

CGST Act Section 126 General disciplines related to penalty

CGST Act Section 127 Power to impose penalty in certain cases

CGST Act section 128 Power to waive penalty or fee or both

CGST Act Section 129 Detention, seizure and release of goods and conveyances in transit

CGST Act Section 130 Confiscation of goods or conveyances and levy of penalty

CGST Act section 131 Confiscation or penalty not to interfere with other punishments

CGST Act Section 132 Punishment for certain offences

CGST Act section 133 Liability of officers and certain other persons

CGST Act Section 134 Cognizance of offences

CGST Act Section 135 Presumption of culpable mental state

CGST Act section 136 Relevancy of statements under certain circumstances

CGST Act Section 137 Offences by companies

CGST Act Section 138 Compounding of offences

CGST Act Section 139 Migration of existing taxpayers

CGST Act Section 140 Transitional arrangements for input tax credit

CGST Act section 141 Transitional provisions relating to job work

CGST Act Section 142 Miscellaneous transitional provisions

CGST Act section 143 Job work procedure

CGST Act Section 144 Presumption as to documents in certain cases

CGST Act Section 145 Admissibility of micro films, facsimile copies of documents

CGST Act Section 146 Common Portal

CGST Act section 147 Deemed Exports

CGST Act Section 148 Special procedure for certain processes

CGST Act section 149 Goods and services tax compliance rating

CGST Act Section 150 Obligation to furnish information return

CGST Act section 151 Power to collect statistics

CGST Act Section 152 Bar on disclosure of information

CGST Act Section 153 Taking assistance from an expert

CGST Act section 154 Power to take samples

CGST Act Section 155 Burden of proof

CGST Act Section 156 Persons deemed to be public servants

CGST Act Section 157 Protection of action taken under this Act

CGST Act Section 158 Disclosure of information by a public servant

CGST Act section 159 Publication of information in respect of persons in certain cases

CGST Act Section 160 Assessment proceedings, not to be invalid on certain grounds

CGST Act Section 161 Rectification of errors apparent on the face of record

CGST Act Section 162 Bar on jurisdiction of civil courts

CGST Act Section 163 2017 Levy of fee

CGST Act Section 164 Power of Government to make rules

CGST Act Section 165 Power to make regulations


Discussion Forum

You can also share your thoughts about this article.
Any one can answer on question posted by Readers