Section 5 of Negotiable Instrument Act, 1881 says A "bill of exchange" is an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of, a certain person or to the bearer of the instrument. Thus Bill of exchange is an instrument in writing by a party (maker or drawer) unconditionally ordering another (payor) to pay a certain amount to a third party (payee). It is the same as a draft. A bill of exchange drawn on a bank account is a "check." -------------- --------------- | 
