Answer / tejeswini

Draft can be issued only by the bank and not account
holder.whereas cheque can be issued by the account holder
and not the draft.

Answer / navas ca

draft can be issued only by the bank,whereas cheque can be
issued by the account holder.

Answer / suresh

A draft or a payorder is issued by a scheduled bank as per
RBI guidlines on behalf of an account holder of that bank
branch, this is valid for 6 months from the date of issue
and is a negotiable instrument, this can be cancelled only
by ths issuing branch and guarantees payment to the Payee,
the Draft/Payorder is 100% honoured, as the bank has
already collected the money from the account holder and has
guaranteed payment to the payee.

A Cheque is issued by an account holder of a bank, this is
alos valid for 6 months from date of issue but cannot
guarantee payment, the cheq can bounce due to many reasons
(no funds in a/c, signature missmatch, etc)

let me know the meaning of Drawer,Drawee and payee of the cheque

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