Let us Try and Understand How Cheque payments are made and Realised with an example.
M. Salim, a shoe manufacturer, must pay to the leather supplier and issue a check for a certain amount. In other words, the shoemaker orders his bank to give the leather supplier this amount of money. The leather supplier accepts this check and transfers it into his own bank account. Within a few days, the funds are transferred from one bank account to another. Without any monetary exchange, the deal is finished.
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