Which of the following is true about a 'Bank Draft'?
Verified Answer
A. It is a promissory note.
B. It is not a negotiable instrument.
C. It is very much like a cheque
D. It is a bill of exchange
Explanation:
A bank draft is essentially a bill of exchange drawn by one branch of a bank on another branch of the same bank, or by a bank on another bank, directing the latter to pay a certain sum of money to a specified person.