Kinds of Negotiable Instruments A cheque is a _____ drawn on a bank payable always ______.
A
Bill of exchange; on request
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B
Promissory note; on demand
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C
Bill of exchange; on demand
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D
Bill of exchange; on order
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Solution
The correct option is C Bill of exchange; on demand
A “cheque” is a bill of exchange drawn on a specified banker and not expressed to be payable otherwise than on demand and it includes the electronic image of a truncated cheque and a cheque in the electronic form