No
|
Cheque
|
Promissory Note
|
1
|
Meaning of Cheque –
A cheque is an order to a bank to pay a stated sum from drawer's account, written on a specially printed form.
|
Meaning of Promissory Note –
A promissory note is an unconditional promise in writing made by one person to another, signed by the maker, engaging to pay on demand or at a fixed or determinable future time, a sum certain in money to the order of a specified person, or to bearer.
|
2
|
Definition –
According to Section 6 of Negotiable Instrument Act 1881, a cheque is a bill of exchange drawn on a specified banker and not expressed to be payable otherwise than on demand.
|
Definition –
According to Section 4 of the Negotiable Instrument Act 1881 “Promissory Note” is an instrument in writing (not being a bank-note or a currency-note) containing an unconditional undertaking signed by the maker, to pay a certain sum of money only to, or to the order of, a certain person, or to the bearer of the instrument.
|
3
|
There are three parties namely –
1) Drawer,
2) Drawee and
3) Payee
|
In Promissory Note, there are two parties namely –
1) maker and
2) Payee
|
4
|
It can be drawn only by the account holder of a bank.
|
A promissory note can be made by any person.
|
5
|
In a cheque, an order for payment is given to the bank
|
In a promissory note, there is a promise to pay.
|
6
|
A cheque is payable always on demand.
|
It may be payable on demand or after a specified time
|
7
|
Grace time –
Three days of grace are not given in a Cheque
|
Grace time –
Three days of grace are given in promissory notes payable after a specified time.
|
8
|
The drawer and payee may be the same person.
|
The maker and the payee/drawer may not be the same person.
|
9
|
No stamps required to be affixed.
|
In a promissory note, stamps are required to be Affixed.
|
10
|
Cheque can be crossed.
|
Crossing of the promissory note is not required.
|
See also...
Negotiation: Meaning, Definition and Modes of negotiation
Difference between Promissory Note and bill of exchange
Essentials of Valid Promissory Note
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