Inland Bill (Noun)
Meaning
A bill of exchange that is both drawn and made payable in the same country.
Classification
Nouns denoting possession and transfer of possession.
Examples
- An inland bill is often used in domestic trade transactions, such as purchasing goods from a supplier in another city within the same country.
- In contrast to foreign bills of exchange, inland bills do not involve any exchange of currency.
- Companies can use inland bills as a payment mechanism to extend credit terms to customers while ensuring payment upon presentation.
- As with foreign bills of exchange, an inland bill may be endorsed or transferred to another party prior to its due date.
- Because both parties involved are based within the same country, settlement of an inland bill usually involves simpler and more expedited processing procedures.