Difference between Promissory Note and bill of exchange

No	Promissory Note	Bill of exchange
1	Promissory note contains a promise or undertaking to pay a certain sum of money.      According to Section 4 of the Negotiable Instrument Act, 1881, “A “promissory note” is an instrument in writing (not being a bank-note or a currency-note) containing an unconditional undertaking signed by the maker, to pay a certain sum of money only to, or to the order of, a certain person, or to the bearer of the instrument. Example  ‘A’ signs instruments in the following terms: (a) “I promise to Pay B or order Rs.500”. (b) “I acknowledge myself to be indebted to B in Rs.1,000, to be paid on demand, for value received.”	In a Bill of exchange one person makes an order to another person to pay a certain sum of money         According to Section 5 of the Negotiable Instrument Act 1881,  A “bill of exchange” is an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of, a certain person or to the bearer of the instrument.
2	In case of Promissory Note, there are two parties – 1.Maker ; and 2.Payee	There are three parties – 1.Drawer 2.Payee 3.Acceptor
3	The maker of Promissory Note is Debtor	In case of bill of exchange The Maker is Creditor
4	In case of Promissory Note Maker and Payee cannot be the same  person	The drawer and payee may be the same person
5	Promissory Note is an unconditional promise	Bill of Exchange is an unconditional order
6	Cannot be payable to bearer	Can be payable to bearer
7	Promissory Note can be drawn in sets	Bill can be drawn in sets