Cheque & Types Of Cheque | What is a cheque? | Different types of Cheque | Negotiable Instrument
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🔴 What is a
🔴 What is a Cheque?
A cheque is a piece of document/paper which orders the bank to transfer money from the bank account of an individual or an organisation to another bank account.
🫵🏻 Bearer Cheque
A bearer cheque is the one in which the payment is made to the person bearing or carrying the cheque. These cheques are transferable by delivery, that is, if you are carrying the cheque to the bank, you can be issued the payment to. The banks need no other authorisation from the issuer to be allowed to make the payment.
🫵🏻 Order Cheque
In these cheques, the words ‘or bearer’ is cancelled. Such cheques can only be issued to the person whose name is mentioned on the cheque, and the bank will do its background check to authenticate the cheque bearer’s identity before releasing the payment.
🫵🏻 Crossed Cheque
In this type of cheque, no cash withdrawal can be done. The amount can only be transferred from the drawer’s account to the payee’s account. Any third party can visit the bank to submit the cheque.
In case of a crossed cheque, the drawer must draw two lines at the left top corner of the cheque.
🫵🏻 Account Payee Cheque
This is the same as the account payee cheque but no third party involvement is required. The amount shall be transferred directly to the payee’s account number.
To ensure that it is an account payee cheque, two lines are made on the left top corner of the cheque, labelling it for “A/C PAYEE”.
🫵🏻 Post-Dated Cheque
These types of cheques bear a later date of being encashed. Even if the bearer presents this cheque to the bank immediately after getting it, the bank will only process the payment on the date mentioned in the cheque. This cheque stands valid past the mentioned date, but not before.
🫵🏻 Stale Cheque
A cheque past its validity, three months after the date of being issued, is called a stale cheque.
🫵🏻 Traveller’s Cheque
Foreigners on vacations carry traveller’s cheques instead of carrying hard cash, which can be cumbersome. These cheques are issued to them by one bank and can be encashed in the form of currency at a bank located in another location or country. Traveller’s cheques do not expire and can be used for future trips.
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🔴 This video might be useful for students preparing for -
🗣️ 11th Commerce #11thcommerce
🗣️ 12th commerce boards #12thcommerce
🗣️ CSEET(CS FOUNDATION ICSI) #cseet
🗣️ CA Foundation #cafoundation
🗣️ UGC NET COMMERCE #ugcnetcommerce
🗣️ LLB #llb
🗣️ UGC NET LAW #ugcnetlaw
========================================
🔴 In this video - #padhakulog
Teacher's Name - CS Payal Popli
Topic - Types of Cheques
===============================================
🫵🏻 Connect with us-
🗣️Instagram- https://instagram.com/padhaku_log?igs...
🗣️Facebook- Facebook: Padhaku-Log-101091301476679
🗣️Mail id- [email protected]
🗣️Watsapp-9630227777
🗣️Telegram-9630227777
===============================================
❤️About us:
Padhaku Log is a platform specially created for those students who live in remote areas and don’t have access to fancy coaching classes. A channel which wants to bring parity in knowledge level of all.
A cheque is a piece of document/paper which orders the bank to transfer money from the bank account of an individual or an organisation to another bank account.
🫵🏻 Bearer Cheque
A bearer cheque is the one in which the payment is made to the person bearing or carrying the cheque. These cheques are transferable by delivery, that is, if you are carrying the cheque to the bank, you can be issued the payment to. The banks need no other authorisation from the issuer to be allowed to make the payment.
🫵🏻 Order Cheque
In these cheques, the words ‘or bearer’ is cancelled. Such cheques can only be issued to the person whose name is mentioned on the cheque, and the bank will do its background check to authenticate the cheque bearer’s identity before releasing the payment.
🫵🏻 Crossed Cheque
In this type of cheque, no cash withdrawal can be done. The amount can only be transferred from the drawer’s account to the payee’s account. Any third party can visit the bank to submit the cheque.
In case of a crossed cheque, the drawer must draw two lines at the left top corner of the cheque.
🫵🏻 Account Payee Cheque
This is the same as the account payee cheque but no third party involvement is required. The amount shall be transferred directly to the payee’s account number.
To ensure that it is an account payee cheque, two lines are made on the left top corner of the cheque, labelling it for “A/C PAYEE”.
🫵🏻 Post-Dated Cheque
These types of cheques bear a later date of being encashed. Even if the bearer presents this cheque to the bank immediately after getting it, the bank will only process the payment on the date mentioned in the cheque. This cheque stands valid past the mentioned date, but not before.
🫵🏻 Stale Cheque
A cheque past its validity, three months after the date of being issued, is called a stale cheque.
🫵🏻 Traveller’s Cheque
Foreigners on vacations carry traveller’s cheques instead of carrying hard cash, which can be cumbersome. These cheques are issued to them by one bank and can be encashed in the form of currency at a bank located in another location or country. Traveller’s cheques do not expire and can be used for future trips.
========================================
🔴 This video might be useful for students preparing for -
🗣️ 11th Commerce #11thcommerce
🗣️ 12th commerce boards #12thcommerce
🗣️ CSEET(CS FOUNDATION ICSI) #cseet
🗣️ CA Foundation #cafoundation
🗣️ UGC NET COMMERCE #ugcnetcommerce
🗣️ LLB #llb
🗣️ UGC NET LAW #ugcnetlaw
========================================
🔴 In this video - #padhakulog
Teacher's Name - CS Payal Popli
Topic - Types of Cheques
===============================================
🫵🏻 Connect with us-
🗣️Instagram- https://instagram.com/padhaku_log?igs...
🗣️Facebook- Facebook: Padhaku-Log-101091301476679
🗣️Mail id- [email protected]
🗣️Watsapp-9630227777
🗣️Telegram-9630227777
===============================================
❤️About us:
Padhaku Log is a platform specially created for those students who live in remote areas and don’t have access to fancy coaching classes. A channel which wants to bring parity in knowledge level of all.
2 ماه پیش
در تاریخ 1403/04/27 منتشر شده
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