A bill of exchange can be defined as a legal document which contains the information about the future payment from the person who is required to pay money and on the name of the person who is entitled to receive money. A bill of exchange is often used in business transactions and national and international trades.
A bill of exchange is governed by the negotiable instrument ACT 1881. This act was introduced in India during the British Colonial rule and is still valid and hardly modified.
To understand the bill of exchange, let us learn about the features of the law of exchange in detail.
Table of Contents
Features of Bill of Exchange
#1 A written document
A bill of exchange is a written promise that A contains the information about the business deal between two parties where one party which seeks the services of other party get written a bill of exchange which provides a legal promise to the service provider for the decided payment in future.
#2 The drawer of the Bill of exchange
As you have learned that a party draws a bill of exchange in the name of another party. Therefore, one party gets the bill drawn from the drawer.
A drawer can be a legal organization or person which draws the bill on the request of the drawee. It is possible that a drawer of the bill and drawee of the bill of exchange can be the same person.
#3 Drawee of the Bill of exchange
The drawee of the bill of the exchange who makes a promise to pay the decided payment in the future. A drawee in which get drawn the bill of exchange when he seeks services from the other party. A bill of exchange contains a specific amount that a drawee is supposed to pay after he receives services as decided.
#4 Payee of the Bill of exchange
Another important party involved in the formation of a bill of exchange is the person to which the amount written in the bill of exchange will be paid in exchange for his services. The bill of exchange is a legal document which is prepared in favor of payee to protect him from the fraud customers.
For example, if a person provides services to international customers, then how he would know that the party which placed the order for his services is genuine or not? Rather than going with the gut feeling or intuition.
The payee can ask for the bill of exchange and can receive his money using a bill of exchange from the legal party involved in the transaction.
#5 Bill of exchange is unconditional
The bill of exchange is unconditional that means the drawee of the bill of exchange is bound to pay the money once he gets the services which are mentioned in the bill. In addition to this, the drawee is bound to pay when the order is damaged due to some natural activity.
However, the drawee can refuse to pay when his expectations are not met, or the services provided to him are not as mentioned in the bill of exchange.
#6 Create Trust
In ancient times, people used to do transactions with the people living in the nearby them, and they used to know each other to take risks with the money.
But when people from different countries started trading with each other, it became difficult for them to trust people who they never met and with the introduction of internet people involving in the trading transaction don’t even get a chance to meet each other face to face.
In such scenarios, the role of the bill of exchange became important. As it is a legal document, it makes it easy for stranger people to trust each other to get involved in business transactions.
#7 Mentions the currency of the transaction
The Features of Bill of Exchange contains information about the currency of the payment in the transaction.
For example, if two parties from different countries are getting involved in the transaction, then the currency of transaction will be decided at the time of writing the bill of exchange, and the drawee involved in the transaction can’t pay any other currency.
#8 Bill of Exchange contains the date of payment
While writing the bill of exchange the date in future on which the drawer is supposed to pay the full payment to the payee is mentioned clearly on the bill of exchange.
The payee can take legal actions if the drawer does not pay the full decided amount on the final date mentioned on the bill of exchange. However, the drawee can pay the full payment before the decided date.
#9 The mode of payment
The mode of payment is also mentioned on the bill of exchange. Whether the drawee of the bill of exchange will make the payment in cash or through internet transaction or cheque or draft.
The payee can only accept the money if only it is paid in the form as it is mentioned on the bill of exchange.
#10 Details of the order
The bill of exchange also contains the details of the order placed. The bill of exchange contains the amount of the products to be delivered, the date of the delivery, the quality of the products, etc. if the payee of the transactions fails to fulfill any of the condition then the drawee of the transaction can take legal action or can withdraw his participation from the transaction.
#11 Legally stamped
A bill of exchange is considered valid if only it is properly stamped if it is not stamped properly then it is of no value and is not considered a legal instrument for the business transaction.
#12 Revenue Stamp
To make a bill of exchange valid, it is important to paste the revenue stamp on the bill of exchange. A revenue stamp is an adhesive label pasted on the document to make it legal for the payment of the taxes or fees on the document.
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"Barua ya kubadilishana ni hati ya kisheria ambayo ina taarifa kuhusu malipo ya baadaye kutoka kwa mtu anayehitajika kulipa pesa na jina la mtu anayestahili kupokea pesa.""" Mara nyingi hati-mkataba hutumiwa katika shughuli za kibiashara na biashara za kitaifa na za kimataifa. Mkataba wa kubadilishana unatawaliwa na Sheria ya Vifaa vya Uuzaji ya 1881. Sheria hii ilianzishwa nchini India wakati wa utawala wa kikoloni wa Uingereza na bado ni halali na haijabadilishwa sana. Ili tuelewe hati ya kubadilishana, hebu tujifunze kuhusu sifa za sheria ya kubadilishana kwa undani. "Mkataba wa kubadilishana ni ""hatua ya kisheria"" ambayo inatoa ahadi ya kisheria kwa mtoa huduma kwa ajili ya malipo ya baadaye." "Mfano wa ""Bills of Exchange"" ni ile ambayo mtu mmoja anafanya kwa jina la mwingine." Kwa hiyo, chama kimoja hupata muswada uliochukuliwa kutoka kwenye droo. Drawer inaweza kuwa shirika kisheria au mtu ambaye huchora muswada juu ya ombi la drawee. Inawezekana kwamba drawer ya muswada na drawee ya muswada wa kubadilishana inaweza kuwa mtu mmoja. Mteule wa Bill of Exchange ni mtu ambaye ametoa ahadi ya kulipa malipo yaliyopangwa katika siku zijazo. A drawee katika ambayo kupata kuchorwa muswada wa kubadilishana wakati yeye inatafuta huduma kutoka kwa chama kingine. Mkataba wa kubadilishana una kiasi maalum ambacho drawee inapaswa kulipa baada ya kupokea huduma kama ilivyoamuliwa. Mtoaji wa Bill ya kubadilishana: Mtoaji mwingine muhimu anayehusika katika kuunda Bill ya kubadilishana ni mtu ambaye kiasi kilichoandikwa katika Bill ya kubadilishana kitalipwa kwa kubadilishana na huduma zake. Bill ya kubadilishana ni hati ya kisheria ambayo ni tayari kwa niaba ya payee kumlinda kutoka wateja udanganyifu. Kwa mfano, mtu akitoa huduma kwa wateja wa kimataifa, basi atajuaje kwamba chama kilichoweka agizo la huduma zake ni halisi au la? Badala ya kufuata hisia za ndani au hisia za ndani. Mpokeaji anaweza kuomba hati ya kubadilishana na anaweza kupokea pesa zake kwa kutumia hati ya kubadilishana kutoka kwa chama cha kisheria kinachohusika katika shughuli. # 5 Bill of exchange ni bila masharti, ambayo inamaanisha kwamba mtu anayetolewa na bill ya kubadilishana ana wajibu wa kulipa pesa mara tu anapopata huduma zilizotajwa katika bill. Kwa kuongezea hii, drawee ni wajibu wa kulipa wakati utaratibu ni kuharibiwa kutokana na baadhi ya shughuli za asili. Hata hivyo, drawee anaweza kukataa kulipa wakati matarajio yake si kukidhi, au huduma zinazotolewa kwake si kama ilivyoelezwa katika bill ya kubadilishana. "Kama ilivyo kwa ""mambo ya zamani,"" watu walifanya biashara na watu waliokaa karibu nao, na walifahamu kila mmoja wao kwa kuchukua hatari na pesa." Lakini watu kutoka nchi tofauti walipoanza kufanya biashara na kila mmoja, ikawa vigumu kwao kuamini watu ambao hawajawahi kukutana nao na kuanzishwa kwa mtandao watu wanaohusika katika shughuli za biashara hawapati hata nafasi ya kukutana uso kwa uso. Katika hali kama hizo, jukumu la hati ya kubadilishana likawa muhimu. Kama ni hati ya kisheria, inafanya kuwa rahisi kwa watu wa kigeni kuaminiana kushiriki katika shughuli za biashara. #7 Inataja sarafu ya shughuli: Vipengele vya Bill of Exchange vina habari kuhusu sarafu ya malipo katika shughuli. Kwa mfano, kama pande mbili kutoka nchi tofauti ni kupata kushiriki katika shughuli, basi sarafu ya shughuli itakuwa kuamua wakati wa kuandika bill ya kubadilishana, na drawee kushiriki katika shughuli haiwezi kulipa sarafu nyingine yoyote. Bill of Exchange ni hati ya kubadilishana ambayo ina tarehe ya malipo, wakati wa kuandika hati ya kubadilishana tarehe ya baadaye ambayo drawer inapaswa kulipa malipo kamili kwa payee, ni wazi kutajwa kwenye hati ya kubadilishana. Mpokeaji anaweza kuchukua hatua za kisheria ikiwa drawer hailipi kiasi kamili kilichoamuliwa kwenye tarehe ya mwisho iliyotajwa kwenye hati ya kubadilishana. Hata hivyo, drawee anaweza kulipa malipo kamili kabla ya tarehe iliyopangwa. #9 Njia ya malipo Njia ya malipo pia imetajwa kwenye hati ya kubadilishana. Kama drawee ya muswada wa kubadilishana itafanya malipo kwa fedha taslimu au kupitia shughuli ya mtandao au hundi au rasimu. Mpokeaji anaweza tu kukubali fedha kama tu ni kulipwa katika fomu kama ni zilizotajwa juu ya muswada wa kubadilishana. #10 Maelezo ya agizo: Hati ya kubadilishana pia ina maelezo ya agizo lililowekwa. Nambari ya kubadilishana ina kiasi cha bidhaa zinazopaswa kusambazwa, tarehe ya utoaji, ubora wa bidhaa, nk. Ikiwa mpokeaji wa shughuli hiyo anashindwa kutimiza hali yoyote, basi mtoaji wa shughuli anaweza kuchukua hatua za kisheria au anaweza kuondoa ushiriki wake katika shughuli hiyo. "Mkataba wa kubadilishana unachukuliwa kuwa halali ikiwa tu umefungwa vizuri, ikiwa haujapigwa muhuri vizuri, basi hauna thamani na hauwezi kuchukuliwa kama chombo cha kisheria cha shughuli ya biashara.""" "Mfano: ""Tumeweka muhuri wa mapato"" (Revenue Stamp) kwenye hati ya kubadilishana." Stampu ya mapato ni lebo ya kunata iliyoambatanishwa kwenye hati ili kuifanya iwe halali kwa malipo ya ushuru au ada kwenye hati. Ulipenda chapisho hili? Angalia mfululizo kamili juu ya Biashara