Coupon Accepted Successfully!



The basis of every business is exchange of goods and services. The goods and services are traded for cash or credit. In today’s world, large number of transactions involving huge sum of money takes place every day. Therefore, it is inconvenient as well as risky to make or receive payments in cash. Therefore, Businesses make use of certain documents as means of making payment. Such documents are called negotiable instruments.

It is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time. According to Sec. 13 of the Negotiable Instruments Act, 1881, in India, “a negotiable instrument means a promissory note, bill of exchange or cheque payable either to order or to bearer”.

In this chapter, we will be dealing with Bills of Exchange and Promissory Notes.

Test Your Skills Now!
Take a Quiz now
Reviewer Name