Lab combined group18
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LEGAL ASPECTS OF BUSINESS
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Lab combined group18
- 1. A PRESENTATION ON “DISHONOUR OF CHEQUES” Section B Legal Aspects of Business PGP1 By: Manmit Rout (2010PGP184) Meenakshi Lakra (2010PGP) Akshay Kumar (2010PGP) Puneet Pareek (2010PGP) Prakash Anovadia (2010PGP) Abhijeet Srivastava (2010PGP)
- 4. Parties to a Cheque Drawer Payee Drawee/Paying bank
- 8. Payment Transaction Process in Electronic Cheque System
- 10. Cheque Showing MICR 6 Digit Cheque number 9 Digit MICR Code
Editor's Notes
- upward acting force
- The maker of a bill of exchange or cheque is called the “drawer”; the person thereby directed to pay is called the “drawee” [section 7 para 1]. - - The person named in the instrument, to whom, or to whose order the money is by the instrument directed to be paid, is called the “payee” [section 7 para 5]. - - However, a drawer and payee can be one person as he can order to pay the amount to himself.
- Electronic cheque systems model real world cheques quite well, and are thus relatively simple to understand and implement. A user writes an electronic cheque, which is an instruction to pay that is signed digitally. This is transferred (in the course of making a purchase) to another user, who then deposits it with the issuer. The issuer will verify the payer's signature on the payment, and transfer the funds from the payer's account to the payee's account.
- The maker of a bill of exchange or cheque is called the “drawer”; the person thereby directed to pay is called the “drawee” [section 7 para 1]. - - The person named in the instrument, to whom, or to whose order the money is by the instrument directed to be paid, is called the “payee” [section 7 para 5]. - - However, a drawer and payee can be one person as he can order to pay the amount to himself.
- Businessmen consider cheque as risky mode of payment and most stores in London take photograph of their customers holding cheque for identification and proof in case of fraud Cheque will not be dishonored provided retailer fulfilled his responsibilities laid down in the guarantee scheme Use of cheques has fallen since then mainly because of increased use of plastic cards. Still popular in Business sectors
- common practice by many people to issue cheques to traders for goods or services with full knowledge that funds in bank account are not sufficient to meet the amount mentioned in cheque
- After six months a cheque is considered to be a stale-dated cheque