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प्रश्न
Renewal is a request by drawee to cancel the old bill and draw a new bill by extending the credit period.
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उत्तर
True
Explanation: Sometimes, the acceptor of a bill is unable to meet the bill on its due date. In such cases, he might request the holder of the bill to cancel the original bill and draw a new bill in place of the old one with the extended period. This is known as the renewal of bill.
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