KALYAN CITY LIFE

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Kalyan City is a fast emerging residential township in the Thane district of Maharashtra state, India. It is a central suburban town and resides 54 kms north-east of Mumbai. This blog regularly shares quality academic materials. Here we also document our unique experiences and vivid memories of life. Read our lucid informative articles to excel your understanding, knowledge and success.

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Articles published on Kalyan City Life blog are inspired from our work experience, field research, study of various good books and papers, seminars and consultations from subject scholars. Our unique collection of useful study notes is an outcome of a team effort and hard work of Gaurav Akrani, Prof. Mudit Katyani and Manoj Patil.

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What are Features of Cheques ? Characteristics of Checks



square 1. Cheque is an instrument in writing


A cheque must be in writing. It can be written in ink pen, ball point pen, typed or even printed. Oral orders are not considered as cheques.


Features of Cheques


square 2. Cheque contains an unconditional order


Every cheque contains an unconditional order issued by the customer to his bank. It does not contains a request for payment. A cheque containing conditional orders is dishonoured by the bank.


square 3. Cheque is drawn by a customer on his bank


A cheque is always drawn on a specific bank mentioned therein. Cheque drawn by stranger are of no meaning. Cheque book facility is made available only to account holder who are supposed to maintain certain minimum balance in the account.


square 4. Cheque must be signed by customer


A cheque must be signed by customer (Account holder) . Unsigned cheques or signed by persons other than customers are not regarded as cheque.


square 5. Cheque must be payable on demand


A cheque when presented for payment must be paid on demand. If cheque is made payable after the expiry of certain period of time then it will not be a cheque.


square 6. Cheque must mention exact amount to be paid


Cheque must be for money only. The amount to be paid by the banker must be certain. It must be written in words and figures.


square 7. Payee must be certain to whom payment is made


The payee of the cheque should be certain whom the payment of a cheque is to be made i.e. either real person or artificial person like joint stock company. The name of the payee must be written on the cheque or it can be made payable to bearer.


square 8. Cheque must be duly dated by customer of bank


A cheque must be duly dated by the customer of bank. The cheque must indicate clearly the date, month and the year. A cheque is valid for a period of three months from the date of issue.


square 9. Cheque has 3 parties : Drawer, Drawee & Payee

  1. Drawer : A drawer is a person, who draws a cheque.
  2. Drawee : A drawee is a bank on whom a cheque is drawn.
  3. Payee : A payee is a person in whose favour a cheque is drawn.




squareTranslation



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5 Comments :

  1. Anonymous said...

    this article has helped me in my study and to increase my knowledge.thanks

  2. narayan said...

    Thanking You for providing me the necessary information.

    i am looking for it.

  3. Anonymous said...

    In fact,this article is wonderful; we want more of it

  4. Anonymous said...

    an excellent article Mr Gaurav :) but it would be more catching to the eye if it had pictures on each features. that way students can remember it at a glance

  5. Anonymous said...

    Just thought u should know this just help do my coursework here in Nigeria.... Finds like this make me love the internet

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