Consider the following statements: I. If the beneficiary of a cheque has lost the cheque he can instruct the paying bank to stop payment of the cheque without waiting for the account holder's instruments. II. While outsourcing the only consideration should be cost savings. Which of the statements given above is/are correct?

• A.  Only I
• B.  Only II
• C.  Both I and II                
• D.  Neither I nor II
• E.  Either I or II