Beruflich Dokumente
Kultur Dokumente
BY LENDING FURTHER ON THE STRENGTH OF THE CHQ PAYING IN FULL OR IN PART BEFORE IT IS CLEARED BY ACCEPTING THE CHQ AS AN ALLOWED REDUCTION OF AN O/D BY GIVING CASH OVER THE COUNTER BEFORE IT IS CLEARED
CREDITS THE A/C AFTER REALISING THE PROCEEDS OF THE CHQ THE C/B DOES NOT POSSES A BETTER TITLE THAN HIS CUSTOMER
COLLECTION OF CHQS.FOR CUSTOMERS WHO IS NOT ENTITLED PROTECTION U/S 131 CHQ IS CROSSED PAYMENT MUST BE RECD. FOR THE CUSTOMER RECEIVED IN GOOD FAITH AND WITH OUT NEGLIGENCE EXAMPLES OF NEGLIGENCE ARE AS FOLLOWS OPENING OF A/C WITHOUT PROPER INTRODUCTION IRREGULARITY OF ENDORSEMENT NO ENQUIRY MADE IN DOUBTFUL CASES FAILURE TO TAKE NOTE OF NOT NEGOTIABLE CROSSING COLLECTION OF A/C PAYEE CHQS
PRESENTATION OF CHQS. FOR PAYMENT WITHIN REASONABLE TIME S.72 & S.84 LAY DOWN THE CONSEQUENCES OF NON PRESENTATION WITHIN A REASONABLE TIME IF THE BANKER SENDS THE CHQ FOR COLLECTION AFTER AN UNUSUAL DELAY AND IF IT IS BOUNCED THEN THE BANKER HAS TO PAY THE AMT. TO SERVE THE NOTICE OF DISHONOR.
PROPER FORM OF THE CHEQUE DATE OF CHEQUE STALE CHEQUES POST-DATED CHEQUES CHEQUES DRAWN IN HINDI WITH HINDI DATE AMOUNT OF THE CHEQUE FUNDS IN THE ACCOUNT PAYMENT TO BE MADE IN CHRONOLOGICAL ORDER OF RECEIPT MATERIAL ALTERATIONS
N I ACT HAS NOT PRESCRIBED ANY FORM OF THE CHEQUE CHQS. MUST BE DRAWN IN THE BANKS PROPER FORM KEEPS PROPER RECORD OF CHQS. ISSUED CONVENIENT TO COUNTERMAND UNAUTHORISED PERSONS FIND IT DIFFICULT TO USE EVEN IF THE CHQ. LEAVES ARE STOLEN OR LOST
UNDATED CHQS. ARE NOT HONOURED DATE CAN BE FILLED BY THE DRAWER,ENDORSER,OR THE HOLDER IT SHOULD NOT BE INCOMPLETE IT SIGNIFIES THE VALIDITY OF THE CHQ
STALE CHEQUES
IF NOT PRESENTED WITHIN A REASONABLE PERIOD IT CAN BE REVALIDATED BY. THE DRAWER CHQS ARE VALID FOR A MAXIMUM PERIOD OF 3 MONTHS
POSTDATED CHEQUES
A CHQ CONTAINING A DATE SUBSEQUENT TO A DATE ON WHICH IT IS PRESENTED BANKER SHOULD NOT PASS A POSTDATED CHEQUE BANKER DOES NOT GET PROTECTION ON PAYING A POSTDATED CHQ
RBI HAS DECLARED A CHQ FILLED IN HINDI AS A VALID INSTRUMENT IF THE IS IN NATIONAL SAKA CALENDER THEN IT HAS TO BE CHANGED TO BRITISH CALENDER
MUST BE EXPRESEED IN WORDS AND FIGURES S.18 PROVIDES THAT AMOUNT IN WORDS IS TO BE TREATED IF THEY DIFFER WEF MAY 1, 1979. IF ONLY WRITTEN IN FIGURES IT SHOULD BE RETURNED
SUFFICENT BALANCE OBLIGES A BANKER TO HONOUR THE CHQ NO PART PAYMENT IS TO BE MADE & CHQS.ARE CLEARED INFULL MINIMUM BALANCE IN AN ACCOUNT IS NOT A FROZEN BALANCE CHQS ARE TO BE HONOURED EVEN IF THE BALANCE IN THE A/C FALLS BELOW THE MINIMUM
CHRONOLOGICAL ORDER
CHEQUES RECEIVED FIRST IS TO BE PAID FIRST SERIAL NO OF THE CHQ OR ITS DATE IS NOT SIGNIFICANT WHEN CHEQUES ARE RECEIVED IN A BUNCH, AS MANY CHQS AS POSSIBLE ARE TO BE CLEARED WITH AVAILABLE BALANCE
MATERIAL ALTERATIONS
AN ALTERATION IS CONSIDERED MATERIAL ALTERATION IF IT AFFECTS THE OPERATION OF THE INSTRUMENT SUBSTANTIALLY AND THE LIABILITY OF THE PARTIES CONCERNED CHANGED SIGNIFICANTLY.
S.89 PROTECTS A P/B THOUGH MATERIAL ALTERATION MAKES AN INSTRUMENT VOID IF IT IS NOT APPARENTLY CLEAR MEANS IT CAN NOT BE DETECTED WITH REASONABLE CARE PRUDENCE AND SCRUTINY PAYMENT HAS BEEN MADE IN DUE COUESE AS PER S.10
CHQ.MUST BEAR THE GENUINE SIGNATURE OF THE DRAWER PAYMENT WITH A FORGED SIGNATURE AMOUNTS PAYMENT WITHOUT MANDATE BANKER IS NOT ABSOLVED OF HIS LIABILITY ON FORGED CHQS. EVEN IF THE CUSTOMER IS NEGLIGENT IN SAFELY KEEPING THE CHQ.BOOK
WHEN A DRAWER CONFIRMS HIS SIGNATURE WHEN HE KNOWS ABOUT THE FORGERY RELATED TO HIS CHEQUE IN CASE OF JOINT ACCOUNT
PROTECTION TO P/B
PAYMENT OF MUTILATED CHQS PAYMENT DURING BANKING HOURS ONLY PAYMENT IS DEEMED TO BE MADE ONCE THE BANKER DEBITS THE CUSTOMERS A/C PROTECTION IN CASE OF ORDER CHEQUE PROTECTION IN CASE A BEARER CHEQUE
WHEN DRAWER COUNTERMANDS PAYMENT DEATH OF THE DRAWER INSOLVENCY OF THE DRAWER INSANITY OF THE CUSTOMER GARNISHEE ORDER BREACH OF TRUST DEFECTIVE TITLE OF THE PARTY
Only drawer has a right to countermand May be verbal or written Should be signed by the person authorized Drawer must inform banker full and correct details The banker shall be liable if he pays the cheque.
The time of notice is important Banker should not rely on rumors If an agent dies who has signed a cheque
RETURN OF CHEQUES
Thank You!!!