It is used on a bill of exchange and it indicated that maturity of the bill will be calculated at a fixed period after the date on the bill. The after the date is a stated number of days after a dated indicated on the bill. It should not be confused with the business day.
Example – Calculation of bill payable after date:
Let us take an example of a bill dated Aug 1, 20xx payable after 3 months. The legal due date of this bill will be 3 months after Aug 1 i.e. November 1st plus three days of grace, that is November 4, 20xx.
In banking, a notation used on financial instruments (such as drafts or bill of exchange) to fix the maturity date as a fixed number of days past the date if drawing of the draft. These words are written on a bill of exchange to show that payment will be made after a particular period of time from the date on the bill. For example, if a draft stipulates “30 days after date”, it means that the draft is due (payable) 30 days after the date it was drawn. This has the effect of fixing the date of maturity of the draft, independent of the date of acceptance of the draft. It is the date on which a document or other information is processed.
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