Question

what is meant by retiring of a bill.​

Answer 1

Explanation:

When the drawee of the bill has funds at his disposal and makes a request to the drawer or holder to accept the payment of the bill before its maturity with some discount. If the holder agrees to do so, this is called the retirement of bill of exchange.

Answer 2

A bill of exchange is usually honored only on the maturity date. But, in some cases, it can be honored before time. This is known as the Retirement of bills of exchange. Also, a bill may be cancelled before time and a new bill may be written in its place. This is known as Renewal of bills of exchange.