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 ?
"The issuer of the bounced cheque may think all that he needs to do is pay a fine if he can't settle the case.
The value of individual cheque per transaction continue to fell as value of cheques transactions fell by a higher quantum than the number of cheques transactions.
He concludes: "It seems apparent now that you can squiggle anything on a cheque and if there are funds in the account, it will be honoured."
By 1st September 2020 only cheques that conform to the new standard shall be allowed in the automated cheque clearing system.
He added: "There are two types of cheques, namely ordinary and certified.
"It was my first time to issue a cheque," she said, adding that she was able to fill out the second cheque with the correct details.
Lawyer Ashraf Abdul Razak, who was had been a partner at the firm from 1996 to 2017, said the cheque dated February 2, 2015, was given to him by Habibul Rahman Kadir Shah, a known corporate figure.
Dvla currently receives and banks approximately 1.8 million combined cheques and postal orders per annum (approximately 36,000 cheques per week), as payment for various driver and vehicle service streams.
Of the total registered cases of cheque bouncing in
The post UAE Banks Federation turns to tech to combat cheque fraud appeared first on TahawulTech.com.
Commenting on the decision by UBF members to embrace this innovative new technology, Abdul Aziz Al Ghurair, chairman of Mashreq Bank, said, "We are committed to enhancing the security of the UAE financial system and today's announcement is further evidence of our collective desire to tackle the issue of cheque fraud.
The amount one can pay using a single cheque has also been capped to sh1 million.Cheques are used for tax purposes and for business payments.