Account payee
This query is : Resolved
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
(Expert)
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
https://www.nos.org/Secbuscour/17.pdf
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
https://www.nos.org/Secbuscour/17.pdf
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