What is a cheque class 10

In Class 10, a cheque is defined as a written order directing a bank to pay a specific amount of money from the drawer's account to a named person or entity. It is a negotiable instrument used for secure and systematic fund transfers. Key characteristics include:

• It is an unconditional order signed by the account holder.
• It is always drawn on a specific bank and payable on demand.
• It involves three parties: the Drawer (issuer), Drawee (bank), and Payee (recipient).
• Common types include bearer, order, and crossed cheques.