Cheque      {Sec. 6}

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     Definition:- cheque is a bill of exchange, drawn on a specified banker and not expressed to be payable otherwise than on demand. It includes, the electronic image of a truncated cheque; and a cheque in the electronic form.

 

     Meaning of Truncated cheque:- A “Truncated cheque” means a cheque which is truncated during the course of a clearing cycle, either by the clearing house or by the bank whether paying or receiving payment, immediately on generation of an electronic image. For transmission, substituting the further physical movement of the cheque in writing.

 Meaning of a cheque in electronic form:- A “Cheque in the electronic form” means a cheque which contains the exact mirror image of a paper cheque, and is generated, written and signed in a secure system ensuring the minimum safety standards with the use of digital signature and asymmetric crypto system.

   

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