True or false about cheque rules

Exercise and reference answers

Questions

1. Statement is true

   Yes

   Statement

   A demand draft stays valid for three months.

2. Statement is true

   No

   Statement

   A branch may refuse a counter acknowledgement.

3. Statement is true

   Yes

   Statement

   Dishonoured cheques go back within 24 hours.

4. Statement is true

   No

   Statement

   Seniors must appear in person for a cheque book.

5. Statement is true

   Yes

   Statement

   IFSC is needed for NEFT and RTGS.

6. Statement is true

   Yes

   Statement

   MICR is read from magnetic ink on the cheque.

Instructions

Decide whether each statement is true or false.

Explanation