There are two kinds of bills:
Inland Bill:
An inland bill is one which is (i) drawn and payable in India or (ii) drawn in India upon some person resident in India even though it is made payable in a foreign country. Thus in an inland bill of exchange both drawer and drawee belong to the same country.
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ADVERTISEMENTS:
Foreign Bill:
A foreign bill is one which is drawn in one country and payable in another country. Foreign bills are drawn in a set of three and each part of the set called a via contains a reference to the other parts. This is done to avoid delay or loss or miscarriage during the transit.