the drawee. Since Jyoti has accepted the bill, she is the acceptor. Suppose in

the drawee. Since Jyoti has accepted the bill, she is the acceptor. Suppose in place of Jyoti the bill is accepted by Ashok then Ashok will become the acceptor. Mamta New Delhi Rs. , April , Three months after date pay to me or my order, the sum of Rupees Ten Thousand only, for value received. Stamp Accepted (signed) (Signed) Jyoti Mamta . . , Karol Bagh -B, Mahipalpur New Delhi New Delhi To Jyoti -B, Mahipalpur New Delhi Figure . : Showing specimen of bills of exchange Test Your Understanding - I Write ‘Ture’ or ‘False’ against each statement regarding a bill of exchange: (i) A bill of exchange must be accepted by the payee. (ii) A bill of exchange is drawn by the creditor. (iii) A bill of exchange is drawn for all cash transaction. (iv) A bill payable on demand is called Time bill; (v) The person to whom payment is to be made in a bill or exchange is called payee. (vi) A negotiable instrument does not require the signature of its maker. (vii) The hundi Payable at sight is called Darshani hundi . (viii) A negotiable instrument is not freely transferable. (ix) Stamping of promissory note is not mandatory. (x) The time of payment of a negotiable instrument need not be certain.