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The following are the main differences between a cheque and a bill of excyange.
- A cheque is always drawn on a banker, whereas a bill of exchange can be drawn on any person including a banker.
- A cheque is always payable on demand, whereas a bill of exchange is either payable on demand or after a fixed period.
- Payment of a cheque can be countermanded, whereas the payment of a bill of exchange cannot be counter mended.
- A cheque can be made payable to a bearer, but a bill of exchange can be made payable only to order.
- A cheque is a means of payment. But a bill of exchange is usually used for financing a trade.
- In a cheque, the drawer of the cheque is primarily responsible, but in a bill of exchange, the drawee or acceptor is primarily responsible for payment.
- When a cheque is dishonoured, noting and protesting is not necessary/required. But when a bill of exchange is dishonoured, noting and protesting is necessary.
- When a cheque is dishonoured, the holder of the cheque need not give notice of dishonour to the drawer to make him liable on the cheque. But on the other hand, when a bill of exchange is dishonoured, notice of dishonour is to be given to all parties, including the drawer to make them liable on the instrument.
- A cheque can be crossed, but a bill of exchange needs no crossing.
M. J. SUBRAMANYAM, BANGALORE
What else can I help you with?
Is it possible to exchange bills at any bank?
Yes, it is generally possible to exchange bills at most banks, although some banks may have specific policies or restrictions on the types of bills they can exchange. It is recommended to check with your specific bank for their exchange policies.
Is it possible to exchange small bills for big bills at any bank?
Yes, it is possible to exchange small bills for big bills at most banks. You can typically do this by visiting a teller and requesting the exchange. Some banks may have specific policies or limits on this type of transaction, so it's a good idea to check with your bank beforehand.
How can I exchange small bills for larger ones?
You can exchange small bills for larger ones by visiting a bank or financial institution and requesting to make a cash deposit or withdrawal in the desired denominations. Some banks may have specific policies or fees for this service, so it's best to check with your bank beforehand.
What is the difference between a paycheck and a pay check?
The difference between a paycheck and a pay check is that "paycheck" is the correct spelling of the term referring to the money you receive from your employer for your work, while "pay check" is a misspelling of the same term.
How can I exchange a cashier's check for a different currency at a currency exchange?
To exchange a cashier's check for a different currency at a currency exchange, you will need to visit a currency exchange location and present the cashier's check along with your identification. The currency exchange will then provide you with the equivalent amount in the desired currency, minus any applicable fees or exchange rates.
What is difference between drawee and drawer?
Drawer is the authorized person to make the note, check, bills of exchange etc. He is also known as maker of instrument(note,boe,check). Drawee is the person who makes the payment for the bill or instrument written.
Is it possible to exchange bills at any bank?
Yes, it is generally possible to exchange bills at most banks, although some banks may have specific policies or restrictions on the types of bills they can exchange. It is recommended to check with your specific bank for their exchange policies.
Is it possible to exchange small bills for big bills at any bank?
Yes, it is possible to exchange small bills for big bills at most banks. You can typically do this by visiting a teller and requesting the exchange. Some banks may have specific policies or limits on this type of transaction, so it's a good idea to check with your bank beforehand.
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What is the difference between American paper money with Canadian paper money?
The difference depends on the current exchange rate. That varies every day so you'd need to check a site like www.xe.com or www.CNNmoney.com
What is the difference between exchange vs transaction?
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What is the difference between a cashiers check and a certified check and a bank check?
There is no real difference, just different names for the same idea. A cashier's/bank/certified check is a check which a guarantor, normally a bank, has written in exchange for cash or immediate withdrawal from a depositor's account. The funds are collected in advance by the bank so the payee (to whom the check is payable) has guarantee that they will be paid when the check is properly negotiated.
Can you exchange your old two peso and five peso bill?
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How much is 5pond in dollars?
That's POUNDS and DOLLARS, just the way it's spelled on the bills. Check a site such as www.xe.com for daily exchange rates.
How can I exchange small bills for larger ones?
You can exchange small bills for larger ones by visiting a bank or financial institution and requesting to make a cash deposit or withdrawal in the desired denominations. Some banks may have specific policies or fees for this service, so it's best to check with your bank beforehand.
What is the difference between spell check and autocorrect?
spell check depends on dictionary but auto correct depend on entries which are pre entered
