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Question
X a resident of Japan draw a bill of exchange of Rs.5000 upon Y payable in Mumbai. This is a ___________.
X a resident of Japan draw a bill of exchange of Rs.5000 upon Y payable in Mumbai. This is a ___________.
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Solution
The correct option is B Foreign bill
A bill which is not an inland bill, is deemed to be a foreign bill.Example: A bill of exchange drawn in India, on a person residing outside India and made payable outside India.A bill drawn outside India and made payable in India. A bill drawn outside India, on a person residing in India.X, a resident of Japan draws a bill of exchange of Rs. 5,000 upon Y payable in Mumbai is an example of foreign bill.
A bill which is not an inland bill, is deemed to be a foreign bill.
Example: A bill of exchange drawn in India, on a person residing outside India and made payable outside India.
A bill drawn outside India and made payable in India.
A bill drawn outside India, on a person residing in India.
X, a resident of Japan draws a bill of exchange of Rs. 5,000 upon Y payable in Mumbai is an example of foreign bill.
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