Question

how cheque replaced money

Answer 1

A cheque is a paper instructing the bank to pay a specific amount from the person’s account to the person in whose name the cheque has been drawn.

The facility of cheque against demand deposits makes it possible to directly settle the payments without the use of withdrawal.For payment through cheque, the payer who has an account with the bank, makes out a cheque of a specific amount.The money is transferred from one bank account to another in a couple of days. The transaction is complete without any payment of cash.

Answer 2

A cheque that has been signed but doesn't have an amount of money written on it, so that it can be. It can be replaced if it is lost or stolen.

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