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  • CHEQUES
    ECONOMICS

    CHEQUES

    The Bill of Exchange Act defines a cheque as: “A bill of exchange drawn on a banker payable on demand.” In other words, a cheque is an order written by the drawer to a bank to pay on demand a specified sum of money to the person named as payee on the cheque. To complete a cheque, the drawer inserts the name of the payee, the amount he is to be paid in words and figures, date and signature.   Differences between a cheque and a bank note A cheque is an instrument in writing made upon a bank to pay a given sum of money to a named person…

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