Ans : Cheque: Cheuqe is a negotiable instrument instructing a bank to pay a specific amount from a specific account held in the maker/depositor name with that Bank.
Demand Draft : A demand draft is an instrument used for effecting transfer of money. It is a negotiable instrument.
Ques : Oldest Banks In India ?
Ans : In 1839, some Indian merchants in Calcutta established India's first bank known as "Union Bank", but it could not survive for long and failed in 1848 due to economic crisis of 1848-49.
Similarly, in 1863, "Bank of Upper India" was formed but it failed in 1913.
In 1865, "Allahabad Bank" was established as a joint stock bank. This bank has survived till date and is now considered as the oldest surviving bank in India.
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