Question

Explain the types of cheques.

Answer 1

As per negotiable instrument act 1881, A cheque is a bill of exchange drawn on a sepecified banker and not express to payable otherwise than on demand . There are three parties in in cheque transaction Drawer,  Drawee and Payee

Answer 2

Order Cheque: A Cheque which is payable to a particular person or his order is called an order Cheque.

1. Bearer cheque.

2. Blank cheque.

3. Counter cheque.

4. Stale cheque.

5. Multilated cheque.

6. Post cheque.

7. Open cheque.

8. Order cheque.

9. Crossed cheque.

10. Antidated cheque.

11. Gift cheque.

12. Traveller's cheque.

13. Self cheque.

14. Outstanding cheque.