"Bill:-Bill of exchange can be defined as the unconditional order of writing by one Party, which isknown as drawer to another Party, which is known as drawee to pay a certain amount of moneyon a fixed date. The drawee will accept the bill by signing it. Now let us understand this help ofanexample as shown in figure1. Firstly, the drawer draws the bill and then sends it to the draweefor acceptance purpose. The drawee accepts the bill and then again sends it back to the drawer.The drawer endorses the bill to the bank.sFigure 1 Bill Exchange TransactionsIn 1930, a uniform law for Bills of Exchange was held in Geneva and is known as GenevaConventions (1930). This law was valid in many countries including Saudi Arabia. This containsthe following rules: -? A statement of the date and the place from where the bill is issued must be mentioned. ? The name of the person of whom or from whom the payment is to be paid should bementioned.? The signature of the person ho issues the bill should be there.? A statement of thetime of issue must be there.? Every person who works in commercial activities should have proper qualifications whenconsidering such activities as his business.? The trader must keep all the exact copies of theinvoice sent or received by him based oncommercial activities and he must keep the copies of incoming telegrams and otherdocuments. ? The trader must keep the record of his all entries in commercial books for aminimum offive years. Entries made in books by his employees must be authorized properly by thetrader and he should know about each entry and have good knowledge about them.Without any bias to any severer, and imprisonment should not exceed 3 years and within afine of SR 50 thousand. If a person who is in bad intentions should commit one of thefollowing acts: -1. If he issues a check which has no current cash.2. If he writes or signed the check in such a way that prevents it from being cashed.3. If he regains, some of the points in that way that the remaining amount in theaccount is not sufficient for the check value.If the person repeats any of the above three crimes within 3 years as from the date of sentencinghim, then he will be imprisonment not exceeding 5 years and fine not exceeding SR 100thousand.One important bill was passed in Saudi Arabia of Non-Hearing of the case. The interest rate must be mentioned in the bill and it runs from the date of the bill of exchange,until and unless some other date is specified. Promissory: -The promissorynote is a kind of written document from where the money is loaned or is takenfrom one party to another. The written note must be signed by the person who is borrowing themoney and should be kept to the person who is lending the money as evidence. Promissory notesare generally created to record the promise to repay the loan. In this debtor is legally bound tohold his promise as it has been already recorded in records. A promissory note should includetheamount of repayment, theamount of interest charged and terms of repayment.Figure 2 Promissory NoteOnly promising or ordering the payment of money come from the scope of Article 3. The variouspoint comes under are drawee must be identical. Now let us discuss another approach which hassame results and that come under theprovision of Section 3-102(1)(b). In 1930, the convention that provides a uniform law or the promissory notes was signed inGeneva. It includes an unconditional promise to pay a sum of money, the name of the person towhom or for whom payment is made. Various features of the promissory note are as following[2]: -1) The promissory note must be in the written form: - oral undertaken are not allowed inthis. It must be written and properly signified in clear words.2) It should be properly signed by the maker. With theproper rate of interest.3) The promissory note must have necessarily, bear sufficient stamp as required by theIndian Stamp Act, 1889.4) The rate of interest must be mentioned, it is usually therate of interest per annum and itshould be paid as the date mentioned by the lender.Checks: -A check is the written document which orders thebank to pay a specific amount of money fromperson’s account to the check holder. The various rules issued by Saudi Arabia was: -Without bias to any severer, a fine sentence of not more than SR 10 thousand should be paid by:? A person who just issues the check without filling appropriate data like name, date oramount.? A person who issues the check without filling the date field and inappropriate signature.? A person who has no account in the bank at the time of issuing the check.The English Bill of Exchange Act was the original codification of the law and it covered onlychecks, drafts, notes. Figure 3check representing Payee and payer REFERENCES:1) I, U. B. (2014, May 27). Convention Providing a Uniform Law for Bills of Exchange andPromissory Notes - The Faculty of Law. Retrieved fromhttp://www.jus.uio.no/english/services/library/treaties/09/9-03/bills-exchange-notes.xml2) BANKING AWARENESS: Promissory Note. (2014, February 18). Retrieved fromhttp://www.bankersadda.com/2014/02/banking-awareness-promissory- note.html#ixzz4ZatWQIzB "