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Question
TRUE OR FALSE
A bank draft is a type of cheque drawn by a bank either on its own branch or on another bank in favour of a third party.
True or False
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Solution
This statement is true.
Explanation:
A bank draft is a type of cheque that is drawn by a bank on its own branch or another branch in favour of a third party. It is a prepaid instrument issued by the bank on behalf of a customer, ensuring guaranteed payment to the payee.
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