Question
Which among the following is issued in order to meet any
future obligation for payment to a person?Solution
A post-dated cheque is issued to the beneficiary in order to meet any future obligation for payment. The cheque remains valid from the date of the cheque till three months. A self cheque is such that it can be used by the account holder to withdraw money whereas a bearer cheque is such that it is paid to any person who presents the instrument at the bank. A crossed cheque is defined as an instrument which can be issued to transfer funds directly to the account of the payee.
Which of the following statement is incorrect?
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