Difference between Cheque vs Demand Draft (DD)

Let us understand the definition of Cheque and Demand Draft to have clear idea. According to Section 6 of the Negotiable Instruments Act, “Cheque is a bill of exchange drawn on a specified banker and not expressed to be payable otherwise than on demand”. Although Demand Draft is a pre-paid Negotiable Instrument, it is not defined under the act. Demand Draft is popularly known as DD in Banking Jargon. Demand Draft means an instrument drawn by one...

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