A crossed cheque can be paid to any one who is in its possession. State whether true or false
Answers
True crossed cheque can be paid to any on who is possesing it.
Crossed check
• Investigation is often crossed to minimize the risk of abuse or identity loss.
• Cross checks are not payable on the counter.
• The amount is deposited in the bank account of the recipient.
• Crossing the check is done by portraying two parallel lines on the face of the check (usually, at the top left corner, although this is not such a rule).
• In favor of any other beneficiary, the check passed by the payer can be supported by writing "payment ..............." in contrast to the check and signature. The check can be approved at any time.
• The law allows the collection of such income in the account of Andorsee.
• There may be a situation where A, buys goods, says, sells X and goods again, then B supplies A to supply and in return, pay A for X for purchased goods Does matter.
• Issues a check in favor of BA.
• If the check is exceeded, [two parallel lines drawn on the right side of the check, without mentioning anything other than "and CO" between parallel lines]
• Can support checks in X X favor.
• Instead of two separate transactions, both liabilities are extinguished by a single check;
• The X can present the check and deposit the income in your account.
• In the event of a possible bank with bank bank similar to X X Bank, he can also get instant credit.
• However, in order to stop or prevent misuse of the fraudulent amount deposited by the fraudsters, the banks take precautions during the entertainment of such transactions.
• In the form of an exercise, the banker can take further information before depositing the amount in the account of Andorsea.
• The banker will be well within his rights to verify the proof of identity and signature of the beneficiary, if necessary, with his official seal;
• If forward, the notice is written between these two lines as "only account holder" or "not negotiable", the check must be collected by the beneficiary's banker on their behalf.
• A "account recipient" cross check can not be confirmed.
• If a check is crossed as "not negotiable" then the check holder can not move a better title than the title.
• A crossing can also be done to restrict payment, where the name of the bank is indicated on the face of the check.
• For example, if a person is checked in the name of the person and crossing the "State Bank of India" on the face of the check, the check will be payable only in the account of the recipient with the State Bank of India and no other bank .