Which of the following options is not correct? A bill of exchange may have to be presented for…

Presentment for acceptance is necessary only where the bill is payable at a given time after sight, where the bill expressly stipulates it, or where it is payable elsewhere than at the drawee's residence or place of business (the rule in section 39 of the Bills of Exchange Act 1882; section 61 of the Negotiable Instruments Act, 1881 deals with after-sight bills). A common interest of drawer and drawee is not such a ground, so "The drawer and the drawee have common interest in presenting the bill for acceptance" is the incorrect statement.