Banking
This query is : Resolved
29 August 2011
If a cheque is issued in favour of xyz pvt ltd but not crossed and no account payee cheque. then company can get counter payment or not ?? If no then why and if yes then how??
Ravi Jhamb
(Expert)
29 August 2011
Yes the bearer can withdraw the payment on the bank counter because Negotiable Instrument Act 1881 tell that there are two types of cheque- crossed cheque and bearer cheque. crossed cheque payment will made on the account only. bt bearer cheque payment can made through account or auto represent.
29 August 2011
Yes I agree with the expert
29 August 2011
Is company ID required ? Who can get it on behalf of company?? Is any resolution required ?? Or any director or authorised person can withdraw it ?
31 August 2011
Dear Jha,
If the bank account already opened by the Pvt co., there is no need for further resolution to deposit or withdraw the money from the bank account. While opening a bank account the company authorize a person to do all things relating to deposit or withdraw the money. While withdrawn of money the authorised director or person is entitled to get the money.
If the bank account already opened by the Pvt co., there is no need for further resolution to deposit or withdraw the money from the bank account. While opening a bank account the company authorize a person to do all things relating to deposit or withdraw the money. While withdrawn of money the authorised director or person is entitled to get the money.
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