Classification of Bills

Inland Bills : Bills drawn or made in India and made payable in, or drawn upon any person resident in India. It may be made payable in a foreign country.
Foreign Bills: Bills drawn outside India and made payable in or drawn upon any person resident in any country outside India / resident in India
Demand Bills: Section 19 : It is an instrument payable on demand and no time for payment is specified therein. Demand Bill is otherwise called sight bill.
Usance Bills: Bill Payable after sight : a bill payable otherwise than on demand. It specifies normally a time for payment of the value it represents.
Clean Bills: is a bill of exchange drawn as per requirements of NI Act and is not supported by documents of title of goods.
Documentary Bills: A bill of exchange accompanying documents of title of goods. These bills are drawn to claim price of goods supplied.

Accounting & Finance for Banking

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