Bills of exchange, cheques and promissory notes are among the earlier types of negotiable instruments which acquired popular usage. In recent years, new instruments possessing the characteristics of negotiable instruments have made their appearance. The value of each of these instruments stems from the mandate or promise embodied in the instrument. Being negotiable securities, they are easy targets for fraud and forgery. This article examines the legal consequences flowing from forgery and material alterations to instruments embodied in the Bills of Exchange Act.