Multiple choice

A cheque which has a white band at the bottom which contains certain codes is known as

  1. MCIR cheques;

  2. Post dated chepues;

  3. Bankers Cheques;

  4. MICR cheques
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

MICR stands for Magnetic Ink Character Recognition. The white band at the bottom of a cheque contains the MICR code, which is printed with magnetic ink to allow for high-speed automated processing by cheque clearing systems.

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