Features & Function Of Cheque.
Cheque:- A cheque is a negotiable instrument, meaning it can be transferred from one party to another by endorsement or delivery. The negotiability of cheques allows for their use in a variety of financial transactions. Features of cheque Drawer: The drawer is the person who writes and signs the cheque, instructing the bank to make a payment. The drawer is typically the account holder. Payee: The payee is the person or entity to whom the cheque is made payable. This is the individual or organization that will receive the payment. Drawee Bank: The drawee bank is the financial institution where the drawer holds an account. It is the bank responsible for honoring the cheque by making the payment. Cheque Number: Every cheque has a unique identification number printed on it. This number helps in tracking and referencing the cheque for record-keeping purposes. Date: The date on the cheque indicates when the cheque was written. It serves as a reference point for the validity of the cheque and...