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A PAYMENT AND COLLECTION OF CHEQUES
What is a cheque as defined under the Negotiable Instruments Act, 1881?
A cheque is a bill of exchange drawn on a specified banker and not expressed to be payable otherwise than on demand, as defined under Section 6 of the NI Act, 1881.
What is the statutory definition of a cheque under Section 6 of the NI Act, 1881?
A bill of exchange drawn on a specified banker payable on demand.
What is the validity period of a cheque in India?
A cheque is valid for 3 months from the date of issue, after which it becomes stale and the bank must refuse payment.
What is an ante-dated cheque?
A cheque bearing a date earlier than the date of issue.
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