Can an account payee cheque be endorsed to another person? If yes, how its done?
Thnx in advance!!
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Endorsement
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account payee cheque can't be endorsed..........
It cannot be done......
ACCORDING TO LAW AN A\C PAYEE CHEQUE CAN BE ENDORSED AS BEING A NEGOTIABLE INSTRUMENT BUT BANK DOESN'T ALLOW THIS AS IT WILL RESULT IN BREACH OF
1. BANKING REGULATIONS ACT
2. RBI ACT
THEREFORE, PRACTICALLY IT CANNOT BE ENDORSED TO ANY OTHER PERSON.
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