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Can any body answer me what is the logic of writing A/c's
payee over the corner of the cheque?
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Answer / ankita
dear if it is written there it menas this cheq can only be
deposited in ur account only....
nobody else can misuse it.....
as the name suggests account payee it means the person who
is the holder of the account,,,,
okay???
if on cheq SELF is written it means anyone can withdraw the
money okay??????
ANKITA
business.ankita@gmail.com
| Is This Answer Correct ? | 7 Yes | 1 No |
Answer / h.r. sreepada bhagi
Putting 2 parallel lines across the cheque on the left hand
top corner with or with out writing something inside is
called Crossing under the Negotiable Instrument.
If a cheque is crossed, it can only be credited to the
account of the payee & can not be en-cashed over the
counter. If a cheque is written to any one but is not
crossed, it can be en-cashed over the counter. To draw cash
from ones own a/c Self Cheque is issued. To enable another
person to draw cash from one's a/c Uncrossed cheque can be
issued.
Purpose of crossing a cheque is security (i.e. prevention of
misuse and wrongful en-cashment). If an uncrossed cheque is
lost or misplaced, there is a chance of it's en-cashment by
any one who finds it, as the banker can not and is not
required to ensure the identity of the person en-cashing it.
However a crossed cheque can be endorsed in favour of
another party/person as mentioned in teh Negotiable
Instruments Act.
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / mmadhu
Hi,
The process of writting A/C Payee on the cheque is know as
crossing the cheque. Even if you put 2 parallel lines, that
means the same.
The purpose of writing the same is that you can not encash
such cheques, it will get transferred to the account.
| Is This Answer Correct ? | 6 Yes | 2 No |
Answer / satyaki_raju@yahoo.com
Mr BKB why are you simply conveying thanks to both Ankita
and Madhu, why dont you write something as your own. Try to
revise and develop yourself. This is an elderly advice
| Is This Answer Correct ? | 2 Yes | 0 No |
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