Bill Of Exchange Payable After Sight

Bills of exchange after sight simply means that the days for the honoring of the bill will be considered from the date of acceptance by the drawee.

For example : The date of drawing of the bill is 20.5.2016 and period for honoring the bill is 3 months so, the due date will be 23.8.2016 (including 3 grace days in case of bill of exchange) -THIS IS FOR NORMAL BILL OF EXCHANGE CASE.

However, if it says after sight then, suppose the bill was drawn on 20.5.2016 and accepted by the drawee on 25.5.2016 , the period of honoring the bill is 3 months. Then, the due date will be 28.8.2016 (i.e the days will be counted from the DATE OF ACCEPTANCE OF THE BILL AND NOT FROM THE DATE ON WHICH THE BILL WAS DRAWN , including 3 grace days).

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