Dear All,
I have an interesting query and would appreciate if anyone could throw some light on it.
There is a savings account of a particular wing of the State Government Education Department with a scheduled bank of India. The account can be operated only jointly by two signatories. A particular cheque of a considerably high amount was drawn to 'SELF', and signed by both the signatories, both on the face of the cheque, as well as at the back of the cheque.
Ques:
1. Whom will the bank give the cash to - i.e. which of the two signatories will get the cash.
2. If the cheque has already been enchased, can it be determined which one of the signatories had taken the cash from the bank?
3. Is there any RBI guideline/circular regarding encashing of cheques which have two or more joint signatories?
Thanks.
Joy
CAclubindia
