Q.11. Define the different types / kinds of
a cheque.
TYPES / KINDS
OF A CHEQUE
Cheque may be of different types.
Some of them are
Order Cheque
Order Cheque is a which is expressed
to be so payable or which is expressed to be payable to a particular person
without containing words prohibiting transfer or indicating that it will not be
transferable.
Open Cheque
They are payable in cash at the
counter of the banks to the bearer of the cheque.
Crossed
Cheque
These type of cheques are not
encashed at the counter but which can be collected only by a bank from the
drawer bank. But these days an individual can also draw a crossed cheque for
the purpose of safety and security in certain cases.
Bearer Cheque
A bearer cheque is that which can be
cashed for the bank by the bearer of the cheque. Any person who is in
possession of a bearer cheque can cash it without any difficulty.
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