Negotiable
Instruments:
Negotiable
Instruments act 1881 talks about 3 types.
I)
Promissory Note
=> a) Promiser and b) Promisee
II)
Bill of Exchange
=> a) Drawer, b) Drawee and c) Payee
III)
Cheque
IFS CODE: Indian Financial System Code Number
The
date on the cheque can be a back date or future date i.e. while writing a
cheque if past date is put then it is called antidated.
While
writing a cheque is future date is put then it is called post dated.
·
The period of
6months commences from the date which is appearing on the face of cheque.
Stale Cheque: A cheque for which 6 months period is lapsed is called
stale cheque.
Cheques
are basically of 2 types: a) Open cheques and b) Crossed Cheques
a)
Open cheque: A
cheque which is not crossed is called open cheque. These are payable across
counter. It is of two types
I)
Bearer cheque:
Banks pay bearer open cheques across counter with out insisting on identity of
person
II)
Order cheque:
It is payable to person name in cheque against identification of such person.
A
cheque become payable to order in following base – the cheque is originally
payable to order and the cheque is originally payable to bearer but the word
bearer is “cut”.
è A bearer cheque is negotiable by mear delivery
è An ordre cheque is negotiable by endorsement and delivery.
b)
Crossed cheques: Crossing means drawing two transfer lines across the face of cheque.
Banks don’t pay cash for a crossed cheque across the
counter, such cheques are to be collected through an account.
Crossed cheques are of two types –
I)
General Crossing
II)
Special Crossing
In
between the two transverse parallel line if a banks name is mentioned it is
called special crossing, all other types of crossing are called general
crossing.
Example: xyz gave a cheque in name of abc and crossed it a.c
payee. Now abc wants to endorse cheque to mno is it permitted.
Ans: The amount of an a/c payee crossed cheque should credited to a/c of the
payee of cheque it cant be endorsed further to any one.
***
The objective of the Fellowship is to provide integrated five year
fellowships in the form of financial assistance to students from minority
communities, as notified by the Central Government to pursue higher studies
such as M. Phil and Ph.D.The Fellowship will cover all
Universities/Institutions recognized by the University Grants Commission (UGC)
under section 2(f) and section 3 of the UGC Act and will be implemented by the
Ministry of Minority Affairs through UGC for students belonging to the minority
communities. The fellowship under Maulana Azad National Fellowship for minority
students will be on the pattern of UGC Fellowships awarded to research students
pursuing regular and full time M. Phil and Ph.D courses. The fellowship ers
under this Fellowship will be known as Ministry of Minority Affairs scholars.
