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Question
Define Cheque?
Definition
Solution
- A cheque is a printed instrument issued by Commercial Banks to its customers for making and receiving payments. [To withdraw self and to pay others]
- The person who draws a cheque is called –“Drawer”.
- The Bank on whom the cheque is drawn is called –“Drawee”.
- The person who receives payment on the cheque is called –“Payee”.
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Bills of Exchange, Cheque, Promissory Note – Comparison
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