Account payee

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NIKHIL (Querist)
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09 November 2011 what is account payee cheque?is it dealt in the negotiable instruments act,1881?could you kindly give a simple example?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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09 November 2011 In the negotiable instruments cheque has been defined as a negotiable instrument win which drawee is always a Banker.

Account Payee cheque is a Crossed Cheque.
on the left upper corner of the cheque 2 transverse parallel lines are drawn and in between the lines "Payees A/c only" or "A/c Payee only" may be written.

By writing so, the bankers will credit the amount to the A/c of the person in whose name the cheque has been drawn by the drawer. It is the safest mode of payment.

If you want to know about all these-
Pl follow the link
http://www.nos.org/Secbuscour/17.pdf

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