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Can any body answer me what is the logic of writing A/c's
payee over the corner of the cheque?
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Answer Posted / h.r. sreepada bhagi
Putting 2 parallel lines across the cheque on the left hand
top corner with or with out writing something inside is
called Crossing under the Negotiable Instrument.
If a cheque is crossed, it can only be credited to the
account of the payee & can not be en-cashed over the
counter. If a cheque is written to any one but is not
crossed, it can be en-cashed over the counter. To draw cash
from ones own a/c Self Cheque is issued. To enable another
person to draw cash from one's a/c Uncrossed cheque can be
issued.
Purpose of crossing a cheque is security (i.e. prevention of
misuse and wrongful en-cashment). If an uncrossed cheque is
lost or misplaced, there is a chance of it's en-cashment by
any one who finds it, as the banker can not and is not
required to ensure the identity of the person en-cashing it.
However a crossed cheque can be endorsed in favour of
another party/person as mentioned in teh Negotiable
Instruments Act.
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