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The document discusses cheques and bills of exchange as modern banking instruments. It defines a cheque as an unconditional written order from a person to a financial institution requiring payment of a sum certain on demand. A bill of exchange, in contrast, is drawn on anyone and often used for international transactions, requiring acceptance by the party on whom it is drawn before payment on the due date. While cheques are mostly used for domestic commercial transactions and paid based on the banker-customer relationship, bills of exchange are commonly used for international transactions. The document provides usage statistics showing cheques are more popular than bills of exchange among various banks in Pakistan.Read less