What is a cheque? How it replaces currency?

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A cheque is a paper instructing the bank to pay a specific amount from the person’s account to the person in whose name the cheque has been made.

(i) The facility of cheque against demand deposits makes it possible to directly settle the payments without the use of cash.

(ii) For payment through cheque, the payer who has an account with the bank, makes out a cheque of a specific amount.

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(iii) The money is transferred from one bank account to another in a couple of days. The transaction is complete without any payment of cash.

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