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

52 comments:

  1. This is very significant, and yet necessary towards just click this unique backlink: Paul Mankin

    ReplyDelete
  2. When your website or blog goes live for the first time, it is exciting. That is until you realize no one but you and your. sketch.

    ReplyDelete
  3. I wanted to thank you for this excellent read!! I definitely loved every little bit of it. I have you bookmarked your site to check out the new stuff you post. sketch.

    ReplyDelete
  4. Hai very fantastic note. Where i can find a note for guitar? chord gitar

    ReplyDelete
  5. That so fantastic. I really. love your blog post. golife

    ReplyDelete
  6. Nice article, really appriciated. I love english Note and also i downloaded Notebook app

    ReplyDelete
  7. The post is written in very a good manner and it contains many useful information for me. umrah packages

    ReplyDelete
  8. kitaabnow is an online book store in pakistan with a huge variety of Academic Books and Stationery items. Visit the store today at kitaabnow.com

    ReplyDelete
  9. Superbly written article, if only all bloggers offered the same content as you, the internet would be a far better place.. click here

    ReplyDelete
  10. KitaabNow is an online book store in pakistan with a huge variety of Academic Books and Stationery items.

    ReplyDelete
  11. Buy Cielo Ortho Padic Memory Foam Mattress online from MY BEDZ. The bliss ortho mattress helps the blood flow and prevents numbing.

    ReplyDelete
  12. HGH MD provides Sermorelin and Testosterone Therapy in which doctors inject growth hormone using Sermorelin with Testosterone. Sermorelin works as an anti-aging supplement and Repairs damaged cells and weakened systems.

    ReplyDelete
  13. Die 1a umzüge GmbH ist Ihr zuverlässiger Partner für Umzug, Reinigung, Entsorgung, Lagerung und alle Dienstleistungen rund um den Umzug. Kontakt 1a Umzüge GmbH, Umzugsfirma Zürich.

    ReplyDelete
  14. I'm extremely inspired along with your writing skills as neatly as with the format in your blog. Is that a paid subject or did you customize it yourself? Anyway stay up the excellent quality writing, it's rare to look at a great blog like this one today.. Bathroom Mirror

    ReplyDelete
  15. HGH injections to lose weight are essential in hormonal growth, weight and strength. For enhancement and overcoming deficiency we need growth hormonal injections and therapy. Our specialists at HGH MD will be glad to discuss your hormone treatment alternatives with you. For a consultation call 888-763-4221 today!

    ReplyDelete
  16. Sora Solutions offer solutions for monitoring and trying to solve IT issues in information technology and data centers. From an IT perspective, Sora Solutions will work with customers to determine the best ways to improve their Data Center Asset Management. Watch your data center at all times in real-time and make informed decisions in event of issues. Real-time monitoring and alarms that can detect violations of policies and power usage together with scheduled reporting and an elaborate reporting library give clients peace of mind knowing that their data is secure. Call today! +41432338888

    ReplyDelete
  17. Hi there, yeah this post is genuinely nice and I have learned a lot of things from it concerning blogging. thanks. Vistaprint Coupons Postcards

    ReplyDelete
  18. Excellent article. Very interesting to read. I really love to read such a nice article. Thanks! keep rocking. 메이저사이트

    ReplyDelete
  19. Great post, and great website. Thanks for the information! 안전놀이터

    ReplyDelete
  20. I really impressed after read this because of some quality work and informative thoughts . I just wanna say thanks for the writer and wish you all the best for coming!. 토토사이트

    ReplyDelete
  21. Positive site, where did u come up with the information on this posting?I have read a few of the articles on your website now, and I really like your style. Thanks a million and please keep up the effective work. Kanada pilna wiza

    ReplyDelete
  22. Thank you because you have been willing to share information with us. we will always appreciate all you have done here because I know you are very concerned with our. Indijska medicinska viza

    ReplyDelete
  23. Pretty good post. I just stumbled upon your blog and wanted to say that I have really enjoyed reading your blog posts. Any way I'll be subscribing to your feed and I hope you post again soon. Big thanks for the useful info. 토토사이트

    ReplyDelete
  24. When your website or blog goes live for the first time, it is exciting. That is until you realize no one but you and your. Turkey Tourist Visa

    ReplyDelete
  25. Friend, this web site might be fabolous, i just like it. 토토커뮤니티

    ReplyDelete
  26. This is such a great resource that you are providing and you give it away for free. I love seeing blog that understand the value of providing a quality resource for free. CANADÁ VISA ONLINE

    ReplyDelete
  27. I was reading your article and wondered if you had considered creating an ebook on this subject. Your writing would sell it fast. You have a lot of writing talent. 먹튀검증

    ReplyDelete
  28. A very awesome blog post. We are really grateful for your blog post. You will find a lot of approaches after visiting your post. AMERICAN VISA APPLICATION PROCESS

    ReplyDelete
  29. I was surfing net and fortunately came across this site and found very interesting stuff here. Its really fun to read. I enjoyed a lot. Thanks for sharing this wonderful information. rolet online

    ReplyDelete
  30. What a fantabulous post this has been. Never seen this kind of useful post. I am grateful to you and expect more number of posts like these. Thank you very much. 토토114

    ReplyDelete
  31. Thanks for your insight for your fantastic posting. I’m glad I have taken the time to see this. Urgent Turkey Visa

    ReplyDelete
  32. Please let me know if you’re looking for a article writer for your site. You have some really great posts and I feel I would be a good asset. If you ever want to take some of the load off, I’d absolutely love to write some material for your blog in exchange for a link back to mine. Please send me an email if interested. Thank you! 꽁머니

    ReplyDelete
  33. This is a great inspiring article.I am pretty much pleased with your good work.You put really very helpful information. Keep it up. Keep blogging. Looking to reading your next post. การสมัครวีซ่าอินเดีย

    ReplyDelete
  34. Great articles and great layout. Your blog post deserves all of the positive feedback it’s been getting. japritoto

    ReplyDelete
  35. nice bLog! its interesting. thank you for sharing.... 먹튀검증

    ReplyDelete
  36. Its a great pleasure reading your post.Its full of information I am looking for and I love to post a comment that "The content of your post is awesome" Great work. Kanadaga viza

    ReplyDelete
  37. I am very happy to discover your post as it will become on top in my collection of favorite blogs to visit. 買房子

    ReplyDelete
  38. Nice to be visiting your blog again, it has been months for me. Well this article that i've been waited for so long. I need this article to complete my assignment in the college, and it has same topic with your article. Thanks, great share. 貸款

    ReplyDelete
  39. I use superior fabrics: you will discover these products by: interlining fabric

    ReplyDelete
  40. Thanks for such a great post and the review, I am totally impressed! Keep stuff like this coming. Body building Product Review

    ReplyDelete
  41. Great post I would like to thank you for the efforts you have made in writing this interesting and knowledgeable article. rolet online

    ReplyDelete
  42. I love the way you write and share your niche! Very interesting and different! Keep it coming! 토토사이트

    ReplyDelete
  43. I’d must consult you here. Which is not some thing It’s my job to do! I spend time reading an article that may get people to think. Also, many thanks for permitting me to comment! Best Hair Salon In Karachi

    ReplyDelete
  44. Lorsqu'il s'agit de créer une entreprise, il y a beaucoup de choses à prendre en compte. Qu'il s'agisse de trouver le bon emplacement ou de recruter les bons employés, la liste des tâches peut sembler interminable. Pour de nombreux entrepreneurs, l'un des défis les plus redoutables est simplement de savoir par où commencer. Si vous envisagez de créer une entreprise de nettoyage, le forum startupo est l'endroit idéal pour obtenir des conseils et des idées de professionnels. Avec plus de 566 questions et réponses, c'est une véritable mine d'informations. Que vous cherchiez des astuces de marketing ou des conseils pour choisir le bon équipement, vous êtes sûr de trouver ce que vous cherchez. Si vous êtes prêt à vous lancer dans l'entrepreneuriat, n'hésitez pas à consulter le forum startupo. https://startupo.fr/question/536/créer_une_entreprise_de_transport_logistique_/

    ReplyDelete
  45. I gotta favorite this website it seems very helpful .
    먹튀검증업체

    ReplyDelete
  46. I think this is a really good article. You make this information interesting and engaging. You give readers a lot to think about and I appreciate that kind of writing. ducted air conditioning sydney price

    ReplyDelete
  47. Luxury property for sale in France is becoming increasingly popular as investors look for ways to diversify their portfolios. Luxury houses for rent near Marseille offer a number of advantages, including proximity to one of Europe's busiest airports and some of the best schools in the country. In addition, France has a strong economy and a stable political system, making it an attractive destination for luxury property buyers. Luxury properties in France also tend to appreciate at a higher rate than properties in other parts of Europe, providing investors with the potential for significant capital gains. As the global economy continues to rebound, luxury property in France is likely to become even more popular with investors looking for a safe and profitable place to park their money. https://frenchchateauforsale.co.uk/luxury-apartments-for-sale-near-strasbourg/

    ReplyDelete
  48. This comment has been removed by the author.

    ReplyDelete
  49. Very nice article... We are waiting for more useful content you provide

    I offer you a beautiful site to increase followers on Instagram Tik Tok and Snapchat for free

    شراء متابعين تيك توك

    شراء متابعين تيك توك

    ReplyDelete
  50. I wrote about a similar issue, I give you the link to my site. red boost supplement

    ReplyDelete
  51. Al Zaeem Real Estate Company Done Lots of Properties for sale in abu dhabi With Best Prices

    ReplyDelete

See Also..