Question: Who Is The Drawer And Drawee?

What types of bills do we pay?

Regular bills often include:Rent or mortgage.Electricity.Gas.Water and sewer.Internet/cable/phone.Subscription services, such as a gym membership, newspaper, Netflix or Hulu.Credit card bills and loan payments.Insurance..

Who is drawer and drawee in bill of exchange?

the drawer is the party that issues a bill of exchange – the ‘creditor’; the beneficiary or payee is the party to which the bill of exchange is payable; the drawee is the party to which the order to pay is sent – ‘the debtor’.

Is someone who draws a drawer?

As already mentioned, the only generic single word is drawer but it is not that useful to use this term for one who draws. Additionally, it depends on what you draw and on your occupation/art etc. so there isn’t a generic and useful single word. There are even cartoonists who are technically a drawing artist.

What does Drawer mean on a Cheque?

Drawer: the person or entity whose transaction account is to be drawn. Usually, the drawer’s name and account is preprinted on the cheque, and the drawer is usually the signatory. Payee: the person or entity who is to be paid the amount.

Can drawer and payee be the same person?

The drawer is the party that obliges the drawee to pay the payee. The drawer and the payee are the same entity unless the drawer transfers the bill of exchange to a third-party payee.

What does Drawer mean?

A drawer is a sliding compartment that fits into a dresser and is used for storage. Drawer comes from the verb draw, from its “pull” meaning — the original idea of the word was that it’s a container that’s “drawn” out of a cabinet. …

What is relationship between drawer and drawee?

The maker of a bill of exchange or cheque is called the “drawer”; the person thereby directed to pay is called the “drawee”.

What is the difference between payer and payee?

In the case of a promissory note, through which one party promises to pay another party a predetermined sum, the party receiving the payment is known as the payee. The party making the payment is known as the payer.

What is drawee branch in demand draft?

A demand draft is a negotiable instrument similar to a bill of exchange. A bank issues a demand draft to a client (drawer), directing another bank (drawee) or one of its own branches to pay a certain sum to the specified party (payee). A demand draft can also be compared to a cheque.

Who is payee on bank transfer?

A payee is a person or organization that receives payment for goods or services. Payment can be in any form, including cash, a check, a money order, or an electronic transfer of funds. You typically encounter payees when banking. On a check, the payee is the person or organization to whom the check is written.

Can President reject the money bill?

It can be amended or rejected by the Rajya Sabha. President can either accept or reject a money bill but cannot return it for reconsideration. President can return it for reconsideration. President can return it for reconsideration.

Who is drawer in negotiable instrument?

The person who draws the bill is called the drawer. He gives the order to pay money to the third party. The party upon whom the bill is drawn is called the drawee. He is the person to whom the bill is addressed and who is ordered to pay.

What are the 4 types of bills?

A bill is the draft of a legislative proposal, which becomes a law after receiving the approval of both the houses of the Parliament and the assent of the President. There are four types of bills-ordinary bill, money bill, finance bill and constitutional amendment bills.

Is it draw or drawer?

Draw has many uses as a verb (e.g. to create a picture, move, or pull something) and as a noun (e.g. a lottery, a tie, or an attraction). Drawer is always a noun that refers to furniture or underpants.

How is money bill passed?

Procedure for a Money Bill: … Money bills passed by the Lok Sabha are sent to the Rajya Sabha (the upper house of parliament, elected by the state and territorial legislatures or appointed by the president). The Rajya Sabha may not amend money bills but can recommend amendments.