Cheques may be defined as a written order of a depositor upon a bank to pay to or to the order of a designated party or to bearer, a specified sum of money on demand. The person who draws the cheques is called drawer, the bank on which the cheques is drawn in called drawee and the person to whom payment is to be made is called payee. It is an order of the customer without condition. It is drawn upon a certain bank in writing. The banker has always to pay it on demand. It is payable to a certain person or to his nominee or to the bearer of the instrument. There are different types of cheques.
Open cheques are those cheques which are paid across the counter of the bank. Open cheques may be bearer or order cheques. In bearer cheques a drawer orders the bank to pay a stated sum of money to the bearer, it is called bearer cheques. Any person who lawfully possesses bearer cheques is entitled to receive payment of that cheque. An order cheque is a cheque is to order a person in whose favor the cheques is drawn, it is called order cheques. The order cheque is paid by the bank only when the bank is satisfied about the identity of the payee.
A cheque is defined as Bill of Exchange drawn on a specified banker and not expressed to be payable otherwise than on demand. In other words, it is a Bill of Exchange drawn on a banker which is payable on demand. Cheques are of various types that are as follws they are: 1 bearer cheque: it is a cheque which is either expressed to be so payable or on which the last or only endorsement is an endorsement in blank.
2 Order cheque: it is a cheque which is expressed to be so payable or which is expressed to be payale to particualar person, without containing words prohibiting transfer or indicating that it is not transferable 3 Open cheque: it is a cheque, which can be presented to the banker on whom they are drawn and paid by them over counter. There be3ing always a great danger of such cheques being stolen or lost the commercial community invested the method crossing cheques 4 crossed cheque: it is chaque, which can not be cashed at the counter, but which can be collected only y a bank from the drawer bank. Crossing may be of two types: (A) general crossing (B) special crossing
A cheque is a on paper statement for the cash payment. It is very useful during the time of payment from the bank to drawer. Following are the types of cheques: 1. Open cheque 2. Cross Cheque 3. Bearer Cheque sudhakar;
It's a representation of cash in a bank account expressed in writing by account holder or bank.We have bank certified cheque,company cheque,personal cheque.Can be used to make payments or withdraw cash from current account
Cheque is a negotiable instrument instructing a financial institution to pay a specific amount of a specific currency from a specified demand account held in the maker to depositor's name with that institution .It has six types such as certified, traveler,an order,bearer,cashier and counter cheques
Cheques are bills of exchange drawn on a banker payable on demand. They are instruments used to withdraw money deposited in the bank. Cheques must fulfill certain conditions without which their status as cheques will not be legally accepted and they would be liable to be dishonored. Bearer cheque which is possessed or owned by the bearer. Any person who presents it at the counter of the bank will receive cash mentioned in it. Order cheques bears the name of the receiver of cash, it is called order cheque. In such a case the word 'bearer' is cancelled. It is payable to a person named therein or his order. Cross cheque cannot be cashed at the counter of the bank. It must be deposited in the bank account of the drawee.
It is known as cross cheque because two parallel lines are drawn across it. Cashier's cheque or pay order cheque is a cheque in which a bank orders the other bank to pay a certain sum of money to a third person. The pay order can be crossed and is payable within a country. When a cheque is confirmed by the bank is known as confirmed cheque. The bank deducts the amount of such a cheque at the time of confirmation and therefore cannot bounce. They are extremely reliable.
Is a negotiable instrument instructing a financial institution to pay a specific amount of a specific currency from a specific demand account held in the maker/depositor's name with that institution. Both the maker and payee may be natural persons or legal entities.
A cheque is an unconditional order to the bank to pay a certain amount to the named person or his/her order.The are two types of cheques namely Bearer cheque and Order cheque.
