Bill of exchange
Querist :
Anonymous
(Querist) 30 June 2021
This query is : Open
Respected sir,
can we use the bill of exchange in domestic market (says in e-commerce industry for buying or selling as a mode of payment) ? if yes then can we pay proper stamp duty applicable on the instrument in online mode?
J K Agrawal
(Expert) 01 July 2021
The only purpose of bill of exchange is to borrow and to make payments. It can be used in domestic market. Online payment can be made on egras portal in Rajasthan and there may by other portal in other state.
T. Kalaiselvan, Advocate
(Expert) 01 July 2021
A bill of exchange is a written order used primarily in international trade that binds one party to pay a fixed sum of money to another party on demand or at a predetermined date.
Bills of exchange are used in commerce, particularly international trade, by businesses and banks in countries as far-flung and diverse as the U.S., Morocco, and Australia.
Bills of exchange can be bought and sold in secondary markets, though this is primarily done by banks and other financial institutions.
While a bill of exchange is not a contract itself, the involved parties can use it to specify the terms of a transaction, such as the credit terms and the rate of accrued interest.
Querist :
Anonymous
(Querist) 05 July 2021
Dear Sir,
Thanks for replying my query !!!!
I got the answer of my query. now I want to ask something more that in an organization the power of drawing bill of exchange is given to director or authorized person in accordance with section-22 of companies Act,2013.
sir, My query is "whether a branch manager of respective company can draw a bill of exchange by giving him a specific power of attorney ? if yes then what is the maximum number of giving the specific power of attorney to their branch managers for only purpose of drawing or accepting bill of exchange ? "
