Exchequer Bills - Definition - Law Dictionary Home Dictionary Definition exchequer-bills

Definition :

Exchequer bills, bills of credit issued by the Government under authority of Parliament, and forming part of the 'Unfunded Debt' of the country. They are for various sums, and bear interest according to the usual rate at the time. the advances of the Bank to Government are made upon Exchequer bills; and the daily transactions between the Bank and Government are principally carried on through their intervention. See (English) Exchequer Bills and Bonds Act, 1866 (29 Vict. c. 25), consolidating and amending the Acts dating from 48 Geo. 3, c. 1, which regulated the preparation, issue, and payment of exchequer bills and bonds. See also 52 Vict. c. 6; 5 & 6 Geo. 5, c. 55, and subsequent Acts. Their place has now largely been taken by Treasury bills. See that title.