Difference Between Cheque And Promissory Note


DIFFERENCE B /W PROMISSORY NOTE & CHEQUE
1. It is an unconditional promise in writing.  
2. It is drawn on the creditor.
3. it is either payable on demand or after a specified date 
4. it cannot be crossed
5. Three days of grace can be allowed.
6. revenue stamp is mandatory
Note: In Pakistan, revenue stamp is affixed just for an excise duty.

CHEQUE
  1. It is an unconditional order in writing.
  2. It is drawn on the banker.
  3. It is always payable on demand. 
  4. It can be crossed
  5. No grace days are allowed
  6. A revenue stamp is not required. 

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