Law · Banking Law and Negotiable Instruments Act

Consider the following statements regarding bills of exchange: Statement I: A 'Bank Draft' is technically a bill of exchange drawn by one office of a bank upon another office of the same bank, payable to order on demand. Statement II: Negotiation of a bill by 'Assignment' under the Transfer of Property Act gives the transferee the same rights as a 'Holder in Due Course'. Statement III: Under Section 31 of the RBI Act, no person other than RBI or Central Government can draw a bill payable to 'Bearer on Demand'. Statement IV: An 'Accommodation Bill' is drawn without underlying trade transaction to help raise funds. Statement V: A 'Fictitious Payee' bill has an imaginary payee name and is treated as payable to bearer in the hands of a holder in due course. Which of the following is correct?