A cheque differs from a bill of exchange in the following respects:
Drawee:
A cheque is always drawn on a bank or banker while a bill of exchange can be drawn on any person including a banker.
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ADVERTISEMENTS:
Acceptance:
A cheque does not require any acceptance, while a bill must be accepted before the drawee can be made liable upon it.
Payment:
A cheque is payable immediately on demand without any days of grace, but a bill of exchange is normally entitled to three days of grace unless it is payable on demand.
ADVERTISEMENTS:
Stamp:
A bill of exchange must be stamped, whereas a cheque does not require any stamp.
Protection:
A banker is given statutory protection with regard to payment of cheques in certain circumstances. No such protection is available to the drawee or acceptor of a bill of exchange.