Hi,
Please tell me the differences between Bank Draft and Cheque............
Awaiting for your valuable replies....
4 Replies
CA SALONI
(CHARTERED ACCOUNTANT)
(391 Points)
Replied 23 February 2011
bank Draft cannot bounce....... cheque can bounce.......
Bank draft ke charges lagte hain.......... cheque issue karne ke no charges...but charges for cheque bokk will be charged....
in bank draft, amount is deducted first............ when cheque is issued amount is deducted later.....
V P Narasimhan
(Accounts Manager)
(791 Points)
Replied 10 March 2011
Dear Friend
The Bank Draft may also bounce provided if its not correct in all aspects. In my experience we have recd a draft without signature & bounced.
Sanjeev Sandh
(Senior Manager - Audit)
(309 Points)
Replied 28 April 2011
A bank draft may be returned if the issuing bank has subsequently received a stamp paper indemnity to stop payment of the demand draft (which he himself took from the bank earlier).
There is no absolutely guarantee even in a DD. however, a DD gives a much, much bigger comfort that he will receive payment against the DD which has been given to him by his creditor etc.
Recent Topics
- Extended Date of GSTR-1 for the month of July 2020
- NRO Interest - Taxed at source and in Foreign Coun
- Clarity needed on effective date
- Income Tax Refund Deadline Shortened to Five Years
- Rectification Applications for Past GST Demands
- GST Invoices Series
- FILING OF ITR AY 20-21
- CLAIMING OF UNCLAIMED RCM
- Building construction works
- REGARDING GSTR-9 F.Y 2023-24
Related Threads
CAclubindia
