The correct answer is option 'C' - the drawer of the cheque. Let's understand why the payment of a cheque can be stopped by the drawer of the cheque.

Cheque Payment Process:
1. The drawer writes a cheque to the beneficiary, which includes the amount to be paid, the name of the beneficiary, and the date.
2. The beneficiary presents the cheque to their bank for payment.
3. The bank verifies the signature of the drawer and checks if there are sufficient funds in the drawer's account to honor the cheque.
4. If everything is in order, the bank initiates the payment process and transfers the funds to the beneficiary's account.

Stopping Payment of a Cheque:
Sometimes, the drawer may want to stop the payment of a cheque for various reasons. In such cases, the drawer has the authority to take action and prevent the payment of the cheque. Here's why:

1. Error or Mistake: The drawer may have made an error while writing the cheque, such as wrong amount, wrong name of the beneficiary, or wrong date. In such cases, the drawer can stop the payment to rectify the mistake.

2. Lost or Stolen Cheque: If the drawer discovers that the cheque has been lost or stolen, they can stop the payment to prevent unauthorized individuals from cashing the cheque.

3. Dispute or Disagreement: In certain situations, the drawer may have a dispute or disagreement with the beneficiary, and as a result, they may choose to stop the payment of the cheque until the matter is resolved.

4. Insufficient Funds: If the drawer realizes that there are insufficient funds in their account to honor the cheque, they can stop the payment to avoid bouncing the cheque.

Process of Stopping Payment:
To stop the payment of a cheque, the drawer needs to contact their bank and provide specific instructions. The bank will typically ask for details such as the cheque number, date, and amount. Once the stop payment request is received, the bank will put a hold on the cheque and ensure that it is not processed for payment.

It's important to note that stopping payment of a cheque does not cancel the obligation to pay the beneficiary. The drawer will still be responsible for honoring the payment through an alternative method or by issuing a new cheque once the issue is resolved.

Overall, the drawer of a cheque has the authority to stop the payment if they have a valid reason, such as error, loss, dispute, or insufficient funds. This control ensures that the drawer has the ability to manage their financial transactions effectively.