What is Cheque?
Before the digital payment system started, people used to withdraw and transfer money from their bank accounts using a cheque. When you open an account with a bank, they issue a cheque book along with other things such as passbook, debit card and so on to the account holder. Issuing a cheque to a person or an entity is a written order to the bank to pay a specific amount of money from the drawer’s account to an entity or a person whose details are mentioned on it.
It is easy to write a cheque but one must take care of a few things before issuing it to someone else as the error might cause your cheque to bounce.
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