Thus, MICR makes it difficult to alter checks. Check altering generally entails changing the payee's name, the amount of the check, or both. Section 3-407 of the Uniform Commercial Code (UCC), a ...

If you are issuing a cheque to someone, then the most important thing is the cheque number. 2- MICR code It means Magnetic Ink Character Recognition (MICR). This code is read by a special cheque ...

Sometimes we read in news paper about how a bank identified fake demand drafts (DD), and alerted the police. In this case the bar codes in the fake DDs lacked magnetic ink and were not readable on ...

5.Transaction code: The last two digits at the bottom of the cheque help in decoding whether the cheque is current or a saving account cheque. MICR also tells whether the cheque is at par.

My name is magnetic ink character recognition (MICR) code. I get my name from a special type of ink which is made of magnetic material. I am a nine-digit number printed on a cheque or a demand draft.

A bank cheque is valid for three months from the date of issue. - There is a 9-digit MICR code at the bottom of the cheque which facilitates the cheque clearance process. - The amount of the ...

In subsequent phases, the QR code will register each cheque on ... (Magnetic ink character recognition) band of the cheque leaf using non-MICR ink. The MICR band, is a character-recognition ...