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Question

Which of the following is the correct statement?

This question was previously asked in
SSC CGL 2019 (Tier 2) GS Finance & Economics Previous Year Paper (17-Nov-2020)
The correct answer is

A bill requires acceptance to acquire financial status

A bill of exchange requires acceptance by the drawee to be legally binding and acquire financial status. The acceptance signifies the drawee's commitment to pay the bill when it is due. This is essential for the bill to be recognized as a negotiable instrument.

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Similar Questions

  1. Which of the following statements is correct?

  2. Aman received a bill from Sahil for ₹1,000. On maturity, the bill is discounted and ₹10 are paid as noting charges. Aman has endorsed this bill in favor of Anil. The correct entry for the discounted bill in Aman’s books will be:

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