ROHIT CHATURVEDI (CA Final Student ) (2298 Points)
07 April 2011
I am confused in the following two questions:
1. What do the words 'and company' in between the crossed transverse lines on a cheque signify? What will be it's effect?
2. Can the Account Payee cheques be further endorsed and if yes, then how? And how the endorsee can collect payment in that case?
Thanks in advance
Manjul Soni.
(CA Student.)
(1407 Points)
Replied 17 April 2011
aCCORDING TO M EtHE cROSSED CHEQUE WILL NOT BE ENDORSE ......
student
(ca final student)
(198 Points)
Replied 17 April 2011
bro
according to me also
>>>>>>>> &co. between the crossed transverse lines on a cheque signify that it will get credtied to firm account only as it's a special crossing.
>>>>>>>crossed chequewhich is special crossing i.e a/c payee cheque cannot be negotiated further.
it will get credited only to payee accounts only and drawee bank will debit the drawer account on presenment of cheque to bank,
provided cheque is not a post dated cheque n sign of drwer is correct n amount of cheque is properly writeen in figure as well as in words.
ROHIT CHATURVEDI
(CA Final Student )
(2298 Points)
Replied 18 April 2011
but there are only two effects of negtiable crossing:
one the title of transferee is not better than that of transferor
two these are transferable like other cheques
CA SURENDRA KUMAR RAKHECHA
(Practising CA at Surat)
(26263 Points)
Replied 19 April 2011
1. Crossed cheque ( without Account Payee) can be endorsed in another person's favour.
.
2. Account payee crossed cheuqe can't be endorsed. It is payable to the person in whose favour it given.
ROHIT CHATURVEDI
(CA Final Student )
(2298 Points)
Replied 19 April 2011
but sir i have read that account payee chaeques can be further negotiated
i have got totally confused now please help me out
CA SURENDRA KUMAR RAKHECHA
(Practising CA at Surat)
(26263 Points)
Replied 19 April 2011
Account payee cheque cannot be negotiated further. Only crossed cheque can be negotiated furhter.
.
In our commerce stream; the most relaxing point for the students is many terms can be understood very easily - just pay some attention on the term.
.
Account Payee Cheque means cheque will be paid in the account in whose name it is drawn.
.
Hope you doubt is now clear.
student
(ca final student)
(198 Points)
Replied 21 April 2011
| Originally posted by : CA SURENDRA KUMAR RAKHECHA | ||
 |
Account payee cheque cannot be negotiated further. Only crossed cheque can be negotiated furhter. |
 |
rohit bhiya sir is rigth.
ROHIT CHATURVEDI
(CA Final Student )
(2298 Points)
Replied 21 April 2011
hmmm understud now......thank u so much
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
CAclubindia
