Top 5 Instruments Used for Making and Receiving Payments

This article throws light upon the top five instruments used for making and receiving payments. The instruments are: 1. Cheques 2. Demand Draft 3. Banker Cheque 4. Pay Orders/Payment Orders 5. Transfer Pay Orders. Instrument # 1. Cheques: A cheque is a bill of exchange payable on demand and is drawn on a banker. A cheque is not cash, as [...]