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what is the distinction between Bill of Exchange and a
Cheque
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Answer Posted / m.j. subramanyam
The following are the main differences between a cheque and
a demand draft:
1. A cheque is issued by an individual, whereas a
demand draft is issued by a bank.
2. A cheque is drawn by an account holder of a bank,
whereas a draft is drawn by one branch of a bank on another
branch of the same bank.
3. In a cheque, the drawer and the drawee are
different persons. But in a draft both the drawer and the
drawee are the same bank.
4. A Cheque can be dishonored for want of sufficient
balance in the account. Whereas a draft cannot be
dishonoured. Hence there is certainty of the payment in the
case of a demand draft.
5. Payment of a cheque can be stopped by the drawer of
the cheque, whereas, the payment of a draft cannot be
stopped.
6. A cheque is defined in the Negotiable Instrument
Act, 1881, whereas a demand draft has not be precisely
defined in the NI Act.
7. A cheque can be made payable either to a bearer or
order. But a demand draft is always payable to order of a
certain person.
M.J. SUBRAMANYAM, XCHANGING, BANGALORE
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