1)

Bill of exchange

--It is essential that it must be accepted so that

require such acceptance

Cheque
--Does not

its payment can be claimed

--Must be properly stamped and noneed to crossed
require stamp and may be
crossed

--Does not

2) It means the person require his bank to pay a certain sum of money
only to, or to the order of a certain person, or to the bearer.
3) Open cheque is bearer cheque. Bank will request beare to sign at
the back of the cheque to acknowldge receip of cash. No identification
is required. However, it is the practice of bank to request for driving
licenses. The bearer need not signbehind the cheque to give it toa
nother person.
Order cheque is made payable to named person. If the holder wishes
to pass it to another, he has to indorse behind the cheque.
4)Current clearing system is replaced by CTCS. This current system
convert paper based clearing& settlement with a paperless or
electronic clearing and payment system.
--Bank scans physical cheque and capture MICR Codeline data. These
data are transmitted electronically throughout the entire clearing
system.
--All electronic transmission will send to one Centralized Clearing Zone,
and again sent to Paying Bank.
--The physical cheque will remain at the Collecting Bank and is cleared
solely based on MICR Codeline data.
--This MICR Codeline data will transfer fund from drawer to drawee's
account.