The financial system in India has developed significantly with the introduction of electronic money transfer schemes. These systems have proven efficient for individuals, firms and corporate organizations to send/receive money without any further hassle. However, the contemporary modes of the transaction are still considered important by a major share of the nation’s population. Cheque transfer takes place on a frequent basis across various banks and functions as an important negotiable instrument which can be delivered in a physical form.
What is the exact cheque meaning? A cheque can be defined as a document that orders a bank to pay a particular fund amount from an individual’s account to another individual’s account in whose name the cheque has been issued. The primary purpose of a cheque is to make a secure payment since actual money is not part of the transfer process.