Things to do
- Writing a cheque in black ink – With new CTS norms to be implemented in April, one has to write cheques in black ink, which helps clear scanning of cheques
- Crossing the cheque – Drawing two parallel lines on the top left corner of the cheque means crossing the cheque. Cheques that are not crossed can be used for withdrawing cash. If you want to make sure that the payee does not withdraw cash directly from over the bank counter, cross the cheque. Also if “Account Payee” or “A/c Payee” is not written between the crossed lines, the cheque can be deposited in any bank account, which is a threat. Hence if you issue a cheque in the name of “ABC” without crossing, cash can be withdrawn from your account. If it is not made a/c payee than “XYZ” can deposit the same cheque in his account.
- Cancelling Bearer – In extension of the above point it is important to cancel “Or Bearer” on the cheque. Cheques which are only crossed and Bearer is not cancelled can be deposited in anyone’s account. Having the word bearer means anyone who represents(bears)the cheque, the amount will be payable to him. If such cheque is lost, it can be misused by anyone. “Bearer” is found on the right side of the cheque, usually below the date.
- Issuing a Blank Cheque – There might be an instance where you would have to issue a blank cheque. A blank cheque here means where the exact amount of the payment is not known. Under no circumstance should one issue a cheque without a Payee name. If a blank cheque has to be issued without an amount, a safety measure is available. As shown in the figure you can write the maximum amount to be paid. Hence if you anticipate that payment should not be of more than Rs 3000/-. You can write “NOT OVER RS3000/-“, in the space available between bank’s name and your signature. (See the image). So if the payee later writes an higher amount, it will not be honored by the bank.
It goes without saying that one needs to write in clear handwriting, ensuring that figures and words on the cheque match. It is also advisable to develop a habit of signing the cheque only after filling in all the details. Also one must record all the cheques issued in the counter provided in the cheque book. This helps to maintain records. Please write back for comments or any further information.
Image courtesy Firstpost.com
Source : Mr Saurabh Mittal Blogg - http://saurabhmittalblog.com/
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