{"id":96000,"date":"2022-05-16T17:33:30","date_gmt":"2022-05-16T12:03:30","guid":{"rendered":"https:\/\/www.oliveboard.in\/blog\/?p=96000"},"modified":"2022-05-31T14:48:06","modified_gmt":"2022-05-31T09:18:06","slug":"payment-and-collection-of-cheques","status":"publish","type":"post","link":"https:\/\/www.oliveboard.in\/blog\/payment-and-collection-of-cheques\/","title":{"rendered":"Payment and Collection of Cheques and Other Negotiable Instruments JAIIB E-book"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_77 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of content<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.oliveboard.in\/blog\/payment-and-collection-of-cheques\/#Download_Payment_and_Collection_of_Cheques_E-Book_Here\" >Download Payment and Collection of Cheques E-Book Here<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.oliveboard.in\/blog\/payment-and-collection-of-cheques\/#Introduction\" >Introduction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.oliveboard.in\/blog\/payment-and-collection-of-cheques\/#Crossing_of_Cheques\" >Crossing of Cheques<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.oliveboard.in\/blog\/payment-and-collection-of-cheques\/#Take_a_peek_at_the_Payment_and_Collection_of_Cheques_E-book\" >Take a peek at the Payment and Collection of Cheques E-book<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.oliveboard.in\/blog\/payment-and-collection-of-cheques\/#Conclusion\" >Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.oliveboard.in\/blog\/payment-and-collection-of-cheques\/#JAIIB_Study_Material_Compilation\" >JAIIB Study Material Compilation<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>The Negotiable Instruments Act, 1881 regulates three types of instruments commonly used in financial transactions. Promissory notes, bills of exchange, and cheques are the three types. A cheque is the most often used tool in everyday financial transactions. There are various provisions in the Act regarding cheques. A Promissory Note, Bill of Exchange, or Cheque payable to order or to the bearer is a Negotiable Instrument. One of the most crucial things that aspirants of the JAIIB exam should know is the payment and collection of cheques and other negotiable instruments. The JAIIB exam is held twice a year. In this blog, we will be discussing the\u00a0<strong>Payment and Collection of Cheques and other negotiable instruments\u00a0<\/strong><\/p>\n\n\n\n<div class=\"wp-block-buttons aligncenter is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link\" href=\"https:\/\/www.oliveboard.in\/jaiib-mock-test\/?ref=Cont-sou\" target=\"_blank\" rel=\"noreferrer noopener\">Attempt A Free JAIIB Mock Test<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Download_Payment_and_Collection_of_Cheques_E-Book_Here\"><\/span>Download <strong>Payment and Collection of Cheques <\/strong>E-Book Here<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-buttons aligncenter is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link\" href=\"https:\/\/www.oliveboard.in\/free-ebook-pdf-download\/?ref=cont-sou&amp;cat=jaiib&amp;next=https:\/\/bit.ly\/Payment-collection-of-cheques-JAIIB\" target=\"_blank\" rel=\"noreferrer noopener\">Download the Payments and Collection of Cheques E-book here<\/a><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">How to Download <strong>Payment and Collection of Cheques <\/strong>for JAIIB E-book?<\/h3>\n\n\n\n<p>Step 1: Click on the&nbsp;<strong><a href=\"https:\/\/www.oliveboard.in\/free-ebook-pdf-download\/?ref=cont-sou&amp;cat=jaiib&amp;next=https:\/\/bit.ly\/Payment-collection-of-cheques-JAIIB\" target=\"_blank\" rel=\"noreferrer noopener\">download<\/a>&nbsp;<\/strong>link. You will be redirected to Oliveboard\u2019s FREE E-Books Page.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1203\" height=\"548\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2022\/03\/ebook-login-screen.png\" alt=\"\" class=\"wp-image-92928\"\/><\/figure>\n\n\n\n<p>Step 2: Create a free Oliveboard account or login using your existing Oliveboard account details<\/p>\n\n\n\n<p>Step 3: Download the book by clicking on the link presented on the page.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Introduction\"><\/span>Introduction <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Negotiable Instruments Act, 1881 regulates three types of instruments commonly used in financial transactions. Promissory notes, bills of exchange, and cheques are the three types. A cheque is the most often used tool in everyday financial transactions. There are various provisions in the Act regarding cheques. A Promissory Note, Bill of Exchange, or Cheque payable to order or to the bearer is a Negotiable Instrument.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Definition of Cheque<\/strong><\/h3>\n\n\n\n<p>A cheque is defined in Section 6 as follows:<\/p>\n\n\n\n<p>A cheque is a bill of exchange drawn on a specific banker and not expressly stated to be payable on demand; it also includes the electronic image of a truncated cheque and a cheque in electronic form. A banker is required by law to pay a cheque if the following conditions are met:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The cheque has been correctly drawn.<\/li><li>There is enough money in the account.<\/li><li>The bank&#8217;s obligation to pay is unrestricted by law.<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Cheque Considerations <\/h4>\n\n\n\n<p>When a cheque is given for payment, the following considerations should be made:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Promissory Note:<\/strong> A promissory note is a financial instrument containing a written commitment by one party (the note&#8217;s issuer or maker) to pay another party (the note&#8217;s payee) a certain amount of money on demand or at a future date.<\/li><li><strong>Bill of Exchange:<\/strong> A bill of exchange is a legally enforceable agreement between two parties to pay a specific sum of cash to the other party on demand or at a pre-determined date.<\/li><li><strong>Drawee:<\/strong> The drawer is the person who creates a Bill of Exchange or a check, and the Drawee is the one who is directed to pay.<\/li><li><strong>Holder:<\/strong> A holder is a person who secures a negotiable instrument with his name on it to receive payment from the responsible parties.<\/li><li><strong>Holder in Due Course:<\/strong> A holder in due course (HDC) is an individual who legitimately acquires a negotiable instrument for a consideration that is still owed.<\/li><li><strong>Payment in Due Course:<\/strong> Payment in conformity with the apparent tenor of the document to any person in possession thereof in good faith and without carelessness under circumstances that do not provide a reasonable justification for assuming that he is not supposed to receive payment of money therein indicated.<\/li><li><strong>Negotiation:<\/strong> It depends on the type of negotiation in question. When you negotiate a cheque, you are discussing a negotiable instrument.<\/li><li><strong>Endorsement:<\/strong> An endorsement is the act of a holder of a negotiable document signing his or her name on the back of that instrument, therefore transferring title or ownership. An endorsement can be given to another person or legal body. An endorsement transfers property to the other individual or legal body. The individual who receives the endorsement is known as the endorsee. The endorser is the individual who makes the endorsement.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Crossing_of_Cheques\"><\/span><strong>Crossing of Cheques<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The act of crossing a cheque entails ordering the banker to pay the stated money solely through the banker, i.e. the amount on the cheque must be placed directly into the payee&#8217;s bank account.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Types of Crossing a cheque:<\/strong><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>General Crossing:<\/strong> <\/h4>\n\n\n\n<p>When two transverse parallel lines are drawn across the face of a cheque, the words &amp; Co. are written between the two lines, with or without the words not negotiable. A general crossing occurs when a check is crossed in this manner.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Special Crossing: <\/strong><\/h4>\n\n\n\n<p>A cheque with the banker&#8217;s name printed across the face between the two transverse parallel lines, with or without the statement &#8216;not negotiable&#8217;. Special crossings are the name for this sort of crossing. In a particular crossing, the paying banker will only pay the cash to the banker whose name appears on the check or his agent. As a result, the check will only be honored if the bank has indicated the same in the crossing orders.<\/p>\n\n\n\n<p><strong><a href=\"https:\/\/www.oliveboard.in\/free-ebook-pdf-download\/?ref=contmrg&amp;cat=jaiib&amp;next=https:\/\/bit.ly\/risks-in-banking-business-jaiib\">Re<\/a><a href=\"https:\/\/www.oliveboard.in\/free-ebook-pdf-download\/?ref=cont-sou&amp;cat=jaiib&amp;next=https:\/\/bit.ly\/Payment-collection-of-cheques-JAIIB\" target=\"_blank\" rel=\"noreferrer noopener\">ad More Here<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Take_a_peek_at_the_Payment_and_Collection_of_Cheques_E-book\"><\/span><strong>Take a peek at the <strong>Payment and Collection of Cheques<\/strong> E-book<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"650\" height=\"787\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2022\/05\/PCN-1.png\" alt=\"\" class=\"wp-image-96006\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In this blog, we discussed Paying and Collecting Cheques for the JAIIB Exam. We hope that the information provided will help candidates prepare for the exam. Keep following Oliveboard for more updates. To stay updated, follow Oliveboard on <a href=\"https:\/\/bit.ly\/OB-FB-JAIIB-CAIIB\" target=\"_blank\" rel=\"noreferrer noopener\">Facebook<\/a> and <a href=\"https:\/\/bit.ly\/OB-TG-JAIIB-CAIIB\" target=\"_blank\" rel=\"noreferrer noopener\">Telegram<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"JAIIB_Study_Material_Compilation\"><\/span>JAIIB Study Material Compilation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table is-style-regular\"><table><tbody><tr><td>Principles And Practices Of Banking&nbsp;<\/td><td><a href=\"https:\/\/www.oliveboard.in\/blog\/principles-and-practices-of-banking\/\">Principles And Practices Of Banking | Study Notes For JAIIB (oliveboard.in)<\/a><\/td><\/tr><tr><td>Reserve Bank of India<\/td><td><a href=\"https:\/\/www.oliveboard.in\/blog\/banking-awareness-notes-reserve-bank-of-india-rbi\/\">Reserve Bank of India: Organisation &amp; Functions \u2013 Oliveboard<\/a><\/td><\/tr><tr><td>Types Of Shares And Their Issue<\/td><td><a href=\"https:\/\/www.oliveboard.in\/blog\/types-of-shares-and-their-issue\/\">Types Of Shares And Their Issue- Types, Classification, Bonus Shares (oliveboard.in)<\/a><\/td><\/tr><tr><td>Understanding The Balance Sheet And Its Format<\/td><td><a href=\"https:\/\/www.oliveboard.in\/blog\/understanding-the-balance-sheet-and-its-format\/\">Understanding The Balance Sheets And It\u2019s Format (oliveboard.in)<\/a><\/td><\/tr><tr><td>Accounting And Finance For Bankers<\/td><td><a href=\"https:\/\/www.oliveboard.in\/blog\/accounting-and-finance-for-bankers\/\">Accounting And Finance For Bankers | Study Notes For JAIIB (oliveboard.in)<\/a><\/td><\/tr><tr><td>Assets &amp; Liabilities&nbsp;<\/td><td><a href=\"https:\/\/www.oliveboard.in\/blog\/assets-liabilities\/\">Assets &amp; Liabilities \u2013 Meaning, Legal Requirements and more (oliveboard.in)<\/a><\/td><\/tr><tr><td>Public Sector Banks And Cooperative Banks<\/td><td><a href=\"https:\/\/www.oliveboard.in\/blog\/public-sector-banks-and-cooperative-banks\/\">Public Sector Banks And Cooperative Banks | JAIIB Study Notes (oliveboard.in)<\/a><\/td><\/tr><tr><td>Calculation of Interest and Annuities<\/td><td><a href=\"https:\/\/www.oliveboard.in\/blog\/calculation-of-interest-and-annuities\/\">Calculation of Interest and Annuities-Business Mathematics For JAIIB (oliveboard.in)<\/a><\/td><\/tr><tr><td>Calculation of YTM<\/td><td><a href=\"https:\/\/www.oliveboard.in\/blog\/calculation-of-ytm\/?utm_source=rss&amp;utm_medium=rss&amp;utm_campaign=calculation-of-ytm\">Calculation of YTM(Yield to Maturity)-Basics of Business Mathematics (oliveboard.in)<\/a><\/td><\/tr><tr><td>Consumer Protection Act<\/td><td><a href=\"https:\/\/www.oliveboard.in\/blog\/consumer-protection-act\/\">Consumer Protection Act COPRA- Free Pdf Notes for JAIIB 2022 (oliveboard.in)<\/a><\/td><\/tr><tr><td>Risk and Basic Risk Management Framework<\/td><td><a href=\"https:\/\/www.oliveboard.in\/blog\/risk-and-basic-risk-management-framework-jaiib\/\">Risk and Basic Risk Management Framework JAIIB | Oliveboard<\/a><\/td><\/tr><tr><td>Risks in Banking Business<\/td><td><a href=\"https:\/\/www.oliveboard.in\/blog\/risks-in-banking-business\/\">Risk in Banking Business<\/a><\/td><\/tr><tr><td>Functions of Bank<\/td><td><a href=\"https:\/\/www.oliveboard.in\/blog\/functions-of-bank\/\">Functions of Bank \u2013 Short Notes for JAIIB Exam | Oliveboard<\/a><\/td><\/tr><tr><td>Payments and Collecting Cheques<\/td><td><a href=\"https:\/\/www.oliveboard.in\/free-ebook-pdf-download\/?ref=cont-sou&amp;cat=jaiib&amp;next=https:\/\/bit.ly\/Payment-collection-of-cheques-JAIIB\" target=\"_blank\" rel=\"noreferrer noopener\">Payment and Collection of Cheques and Other Negotiable Instruments for JAIIB I Oliveboard<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Also Read:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li><a href=\"https:\/\/www.oliveboard.in\/blog\/important-tips-to-crack-jaiib-exams\/\">5-Important Tips To Crack JAIIB Exams| Check Here (oliveboard.in)<\/a><\/li><li><a href=\"https:\/\/www.oliveboard.in\/blog\/jaiib-frequently-asked-questions\/\">JAIIB Frequently Asked Questions- 2022| Check Here (oliveboard.in)<\/a><\/li><li><a href=\"https:\/\/www.oliveboard.in\/blog\/jaiib-questions-pdf\/\">JAIIB Genius | JAIIB Weekly Quiz PDF \u2013 JAIIB Questions PDF (oliveboard.in)<\/a><\/li><li><a href=\"https:\/\/www.oliveboard.in\/blog\/jaiib-full-form\/\">JAIIB Full Form \u2013 Junior Associate of the Indian Institute of Bankers (oliveboard.in)<\/a><\/li><li><a href=\"https:\/\/www.oliveboard.in\/blog\/jaiib-and-caiib-books\/\">JAIIB and CAIIB Books- Exams Syllabus, Books, and more (oliveboard.in)<\/a><\/li><\/ol>\n\n\n\n<p>Also Check:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li><a href=\"https:\/\/www.oliveboard.in\/jaiib\/\">JAIIB 2022 Exam -Notification Released (oliveboard.in)<\/a><\/li><li><a href=\"https:\/\/www.oliveboard.in\/jaiib\/notification\">JAIIB Notification 2022 \u2013 Notification PDF, Eligibility, (oliveboard.in)<\/a><\/li><li><a href=\"https:\/\/www.oliveboard.in\/jaiib\/application-form\">JAIIB Apply Online \u2013 Application Form 2022, Fees, Instru (oliveboard.in)<\/a><\/li><li><a href=\"https:\/\/www.oliveboard.in\/jaiib\/eligibility\">JAIIB Eligibility \u2013 Age, Degree, Nationality, Members (oliveboard.in)<\/a><\/li><li><a href=\"https:\/\/www.oliveboard.in\/jaiib\/syllabus\">JAIIB Syllabus \u2013 Complete List of Papers, Modules (oliveboard.in)<\/a><\/li><li><a href=\"https:\/\/www.oliveboard.in\/jaiib\/exam-pattern\">JAIIB Exam Pattern 2022 \u2013 Details of Pattern, Marking (oliveboard.in)<\/a><\/li><li><a href=\"https:\/\/www.oliveboard.in\/jaiib\/admit-card\">JAIIB Admit Card November 2022 \u2013 Steps and Direct Download (oliveboard.in)<\/a><\/li><li><a href=\"https:\/\/www.oliveboard.in\/jaiib\/cut-offs\">JAIIB 2022 Cut Offs \u2013 Check JAIIB Minimum Cut Off (oliveboard.in)<\/a><\/li><\/ol>\n\n\n","protected":false},"excerpt":{"rendered":"<p>The Negotiable Instruments Act, 1881 regulates three types of instruments commonly used in financial transactions. Promissory notes, bills of exchange,<\/p>\n","protected":false},"author":50,"featured_media":96010,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,10353],"tags":[],"class_list":["post-96000","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-jaiib","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Payment and Collection of Cheques and Negotiable Instruments for JAIIB<\/title>\n<meta name=\"description\" content=\"We have presented you with information on Payment and Collection of Cheques and Other Negotiable Instruments (Unit-5), Functions of Banks (Module B) for the Paper-1 of the JAIIB Exam\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.oliveboard.in\/blog\/payment-and-collection-of-cheques\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Payment and Collection of Cheques and Other Negotiable Instruments JAIIB E-book\" \/>\n<meta property=\"og:description\" content=\"The Negotiable Instruments Act, 1881 regulates three types of instruments commonly used in financial transactions. 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