Question

Write True or False

A bill can't be deposited into bank for collection.

Answer 1

False

Explanation: The drawer of a bill can send the bill to its bank with clear instructions to retain the bill and realise the amount of the bill on its due date. This is termed as bill sent to bank for collection. Also, in case of bills discounted with bank, the bank becomes the payee and is entitled to receive the amount on the due date.