Legal Question in Banking Law in India

Re: banking law

check (american English)which is cheque is basically a bill of exchange drawn only on a Bank. It requires 3 parties 'viz' the drawee bank, the drawer who issues the cheque and the payee to whom the cheque is to be paid. only exception to this rule is when the cheque is drawn payable to self the drawer. Hence the most vital difference is that a cheque is always drawn on a bank but a promissory note is not. The promissory note requires only two parties i.e. the promisor and the promisee. The promissory note is liable to be stamped whereas the cheque is exempt from stamp duty. Both are different kinds of instruments. Better read the Negotable instruments Act and don't put questions as if you were an examiner and us the students taking the test.

Re: banking law

Please refer this website:

http://dateyvs.com/gener10.htm

Re: banking law

You may refer to a book on Negotiable Instruments Act.