An important difference between the two is that a draft can 
be issued only when the amount of the draft is submitted to 
the bank. Whereas a cheque can be issued irrespective of 
whether there is balance in the issuer's account or not. 
Incase there is no balance in the issuer's account at the 
time when the cheque is presented to the bank for 
encashment, the cheque will get bounced.