Draw a specimen of bill of exchange and explain its contents.
In this bill of exchange specimen, Shantilal Panigrahi has ordered Shri. Ashok Sagar to pay Rs.1,00,000 to Shri. Mohanlal Damodar. On the acceptance of the bill, the bill will become a bill of exchange. Here, Shantilal Panigrahi is the drawer of the bill, Shri. Ashok Sagar is the acceptor/drawee of the bill and Shri. Mohanlal Damodar is the payee.