GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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that the cheque will be paid through clearing only
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that the cheque cannot be transferred by the payee named therein
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a direction to the paying bank to make payment of the cheque through a bank
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that the cheque will not be paid across the counter but will be credited to the account of the holder
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Detailed explanation-1: -Cross cheques concentrate on the instruction that is given by the drawer of the specific cheque to the drawee bank. The instruction requires to pay the cheque at the counter of the bank, with a strict direction to pay it to a person that gives it through a banker.
Detailed explanation-2: -A crossed cheque is a cheque that has been marked specifying an instruction on the way it is to be redeemed. A common instruction is for the cheque to be deposited directly to an account with a bank and not to be immediately cashed by the holder over the bank counter.
Detailed explanation-3: -The crossing of the’ account payee’ element serves as a direction for the payee banker to collect the cheque from the payee only, serving as a warning of the banker’s responsibility if he does not do the same.
Detailed explanation-4: -False. A bearer cheque is always payable across the bank counter. A cross cheque is a cheque which has to be directly deposited in the bank account of the person so mentioned. It cannot be made payable over the counter.