MICR CODE and FREE MARKET

What is MICR Code ?
“Magnetic Ink Character Recognition” (MICR) is a technology that uses a 9-digit code printed at the bottom of a cheque to quickly and accurately identify and process it. In addition to speeding up the processing of cheques, MICR has other features such as:
1.MICR is located at the bottom of the cheque.
2.It includes bank-specific information.
3.MICR codes cannot be easily copied due to their unique font and use of magnetic ink.
4.Indian banks each have their own MICR codes

What is Free Market concept in Economy ?
The term ‘free market’ is an economic system which is based on supply and demand, with little to no government control. Commonly referred to as a “laissez-faire” capitalist system, it is where people can buy and sell goods freely, and most companies and properties are not owned by the government.
Overall, in a free market economy, the production of goods and services is usually determined by consumers and their patterns of spending. People are free to purchase how and what they want, with legal systems in place that protect property rights, rather than determining purchasing power. 
Countries which currently operate with a free market include the United Kingdom, Australia, Canada, the USA, among many others. 

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