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What is a Foreign Bill?

4. What is a Foreign Bill?

1. Bill of exchange drawn on and accepted by a trader in payment for goods
2. Bill of exchange that is drawn in one jurisdiction and payable within another.
3. Bill of exchange that is or on its face purports to be both drawn and payable within the jurisdiction.
4. Bill endorsed by one person for another without consideration to enable that other to raise money or obtain credit thereby.

Answer: B) Bill of exchange that is drawn in one jurisdiction and payable within another

Explanation:

A foreign bill is a bill of trade attracted one state or nation and payable in another, as one emerging from unfamiliar exchange activities. A bill that isn't the inland bill is a foreign bill. The accompanying sorts of bills are called unfamiliar bills of trade:

1. A bill is drawn external India and made payable external India.
2. A bill drawn external India and made payable in India.
3. A bill drew external India on any individual dwelling outside India.
4. A bill drew external India on an individual living in India.

The unfamiliar bills are by and large attracted 3 sets and each set is named as a through and dispatched to the drawee in 3 unique methods of mail administrations to stay away from the delay. When one bunch of them is paid, the other two become defective.