how does cheque act as a medium of exchange
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15
the facility of cheques against demand deposits make it possible to directly settle payments without the use of cash.
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Cheque is an instruction given by an acoount holder to the bank to transfer certain amount of money, mentioned by him, from his account, to the account he mentions. Hence, the bank transfers the money from one person to another.
thus, cheques acts as a medium of exchange.
thus, cheques acts as a medium of exchange.
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