10th Class Social Science Money and Credit Question Bank 10th CBSE Social Science Money and Credit

  • question_answer   What is a cheque? How does it replace currency?

    Answer:

                      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 drawn. (i) The facility of cheque against demand deposits makes it possible to directly settle the payments without the use of drawn. (ii) For payment through cheque, the payer who has an account with the bank, makes out a cheque of a specific amount. (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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