Short Answer Questions · Q5
Q.What is meant by maturity of a bill of exchange?
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Start your 14-day free trial to unlock the full solution →Maturity = the due date of the bill = term-end date + 3 days of grace.
The maturity of a bill of exchange is the date on which it becomes due for payment. It is found by adding three days of grace to the date on which the period of the bill actually expires. For example, a bill dated March 5 payable one month after date matures on April 8 (April 5 plus three days of grace). If the due date is a public holiday, the bill matures on the preceding busin …
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