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Explain the rol explain the role of cheque in demand deposit as a form of money

Posted by Aditya Arora 7 years, 8 months ago

CBSE > Class 10 > Social Science

1 answers

Gaurav Seth 7 years, 7 months ago

A cheque is a paper instructing the bank to pay a specific amount from a person’s
account to the person in whose name the cheque has been issued. The payer, who has an account with the bank, makes out a cheque for a specific amount.
The facility of cheques against demand deposits makes it possible to directly settle payments without the use of cash

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