Inland Bill: -These are drawn and paid within a country. However, if the drawer and the drawer are in the same country but the payee resides in a foreign country, the bill will still be an inland bill. Foreign Bill: When the drawer of the bill is in one country and the drawee in another, the bill is known as a foreign bill. Bills in Sets.: Sometimes foreign bills are made in sets i.e. More than one in numbers and sent by post to the drawee for acceptance. If one or more bills are lost on way the rest may each their destination. If in such a case, one bill is accepted and paid the rest of the bills will automatically become invalid. Kinds by Time: The Bill of Exchange may be divided on the basis of time that is when they are paid. In this sense they are subdivided as follows: Demand or sight Bill: This bill is payable on demand or on sight. Such bill are payable immediately and do not contain a particular or specified period of time. Time Bill: They are issued for a definite period of time and payable on the maturity or expiry of that period mentioned therein. Such bills usually carry three months period plus three days as grace time.
