Banking Materials : Important Facts About Cheque

Important Facts About Cheque

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1) Drawer - Who writes the Cheque. (Maker of the Cheque).
2) Drawee - Who pays the particular amount on the cheque to Payee. (Always Banker).
3) Payee - Who receives payment (to whom the amount is transferred).
4) First Bank to Introduce Cheque system in India- Bengal Bank in 1784.
5) Cheque come under - Negotiable Instruments Act, 1881.
6) Validity Periods of the Cheque - 3 Months.

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