51. What are noting charges?
The fees charged by the notary public for noting and protesting the bill are termed as noting charges.
52. When is the amount of bill of exchange payable to specific person?
When bill is endorsed by drawer or holder to a specific person, the amount of the bill is payable to specific person whose name is mentioned on the bill.
53. What is discounting of a bill?
Discounting of a bill means selling a bill to bank before due date for cash.
54. Who bears noting charges when a bill of exchange is dishonoured?
The Drawee bears the noting charges when a bill of exchange is dishonoured?
55. Mention the parties to a bill of exchange.
There are three parties to a bill of exchange i.e. Drawer, Drawee and Payee.
56. If the endorsed bill is dishonoured, from whom the amount is collected by the endorser.
If the endorsed bill is dishonoured, then the amount of bill is collected from the endorser.
57. What is retirement of a bill of exchange?
When the payment of a bill is made before the due date it is known as retirement of a bill of exchange.
58. Who is Notary Public?
A notary public is a public officer authorised to note and protest the cause of dishonour of a bill.
59. Which account is credited in the books of the acceptor on dishonour of a bill?
The account of the drawer is credited by the acceptor on dishonour of the bill.
60. What is endorsement of a bill?
When the holder of bill transfers its ownership to another person by signing the instrument on the back, it is known as endorsement of bill.