DIFFERENCES BETWEEN THE PROMISSORY NOTE AND THE CHEQUE

by • 17/06/2011 • 2nd year BankingComments (0)579

PROMISSORY NOTE CHEQUE
1.         It is unconditional promise in writing. It is unconditional order in writing.
2.         It is drawn on the creditor. It is drawn on the banker.
3.         It is either payable on demand or after a specified date. It is always payable on demand.
4.         It cannot be crossed. It can be crossed.
5.         Three days of grace can be allowed. No grace days are allowed.
6.         Revenue stamp is mandatory. Revenue stamp is not required.Note: In Pakistan, revenue stamp is affixed just for an exercise duty.
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