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.
