Bill of Exchange
Drawee Only a banker can be a drawee. Anyone can be drawee, including a banker.
Acceptance A cheque requires no acceptance. It must be presented for acceptance. Drawee

is liable only after his acceptance.

Payment Payable on demand without any days of grace. A bill is normally entitled to three days of grace   after  maturity,  unless  payable  on


Presentment If  not  presented  to  the  banker  for payment,  it  does  not  discharge  the drawer   unless   he   suffers   injury   or


Drawer is discharged, if bill is not presented for payment to the acceptor.
Notice In  case  of  dishonour  no  notice  of

dishonour is necessary

Notice of dishonour is to be given to all the

parties liable to pay.

Crossing A cheque may be crossed. Bill can never be crossed.
Stamp Cheque requires no stamp. Bill has to be properly stamped.


Payment      of      cheque       may      be

countermanded by the drawer.

Payment  of  bill  of  exchange  cannot  be

countermanded by the drawer.

Noting and


A cheque is not required to be noted or

protested for dishonour.

A  bill   of   exchange   may   be   noted   or

protested for dishonour.

Payable to bearer on


A cheque can be dawn payable to the bearer on demand. A bill of exchange cannot be drawn payable to bearer on demand.
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