Hello
Can any body tell me the Meaning of Drawer, Drawee and Payee in the context of Negotiable instrument act, 1881 by giving a relevant example. I am little confused over this concept
Thanks in Advance.
3 Replies
bhavik mehta
(C.A.)
(526 Points)
Replied 11 September 2009
You Get a stipend check of Rs. 1,000/- from ur Boss.
now the check is an instruction to bank to pay you onbehalf of him.
in this case
ur sir,-who make check & order to pay you is become Drawer
You- You will get the payment & you r going to be paid so u become payee
& bank to whom order is made become drawee.
ok.
CA Sumit Arora
(CA)
(1411 Points)
Replied 11 September 2009
Please tell me in context of bills of Exchange. Who Draws the bill and the signing authority.
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 11 September 2009
In the case of Bill of Exhange the person who draws the bill is the drawer and the person who accepts the bill is the Drawee and the payment to the banker is the payee
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