cheque


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cheque

a BILL OF EXCHANGE drawn on a banker, payable on demand. A cheque operates as a mandate or authority to the drawee's bank to pay the party named as drawer and debit the account of its customer, the drawer. Cheques are essentially negotiable instruments and may be negotiated by indorsement. The Bills of Exchange Act 1882, however, provides that a cheque may be crossed. In this case the cheque should be presented for payment by a bank (rather than the person named as drawee). If accompanied by the words ‘not negotiable’, this has the effect that the cheque cannot be negotiated, and the words ‘account payee’ or ‘account payee only’ mean that the cheque cannot be passed on to another.
References in periodicals archive ?
On a month-over-month basis, the cheques bounced during June stood at 4.
The total amount of cheques bounced during June was 4.
The Emirati businesswoman admitted before the Dubai Appeal Court on Tuesday that she had signed the cheque but contended that she did not give it to her husband.
Emirates NBD plans to introduce the Cheque Chain initiative to its employees during the pilot phase, ahead of the customer roll later this year," the lender said.
Bank customers in the UK will soon benefit from a faster cheque clearing system.
The real-time gross settlement system (RTGS) processed on an average around 1,320 SWIFT transactions and some 635 high value (above QR250,000) cheque transactions on a daily basis last year.
Meanwhile,in village 58/SP,over bogus cheque of rupees two lakh, case was registered against Zulfiqar alias Mithoo.
Criminal proceedings are usually pursued against the person signing the cheque whether he is a lawyer, manager, accountant or any individual who has placed his signature on the cheque.
TheCeEmirati is accused of writing a cheque to his Indian partner following a deal between the pair.
The initiative means that all people have to do to pay in a cheque is take a photo of the cheque they want to deposit on their smartphone before filling in an electronic deposit form and pressing send.
NCR Corporation (NYSE: NCR), a provider of consumer transaction technologies, and National Payments Corporation of India (NPCI) announced on Wednesday the successful completion of the landmark Cheque Truncation System (CTS) project in India.