crossing of cheques negotiable instruments act

Part I — Preliminary. A cheque can be an open cheque or a C ross Cheque. Negotiable Instruments Act, 2034. Furthermore, it is not payable otherwise than on demand. Cheque crossed “account- payee” 124. SPECIAL CROSSING Sec 124 of the Negotiable Instruments Act of 1881 defines where a cheque bears across its face, an addition of the name of a banker, with or without the words Not Negotiable, that addition shall be deemed a crossing, and the cheque shall be deemed to be crossed specially, and to be crossed to that banker Section 138 of the Negotiable Instrument Act . Also, the provisions regarding the discharge of liabilities on cheques along with the notice in case of dishonors, is included in this act. (Sec. It has two characteristics: a) It cases to be negotiable, Section 124 of The Negotiable Instruments Act, 1881 defines Special Crossing as: “Where a cheque bears across its face an addition of the name of a banker, either with or without the words “not negotiable”, that in addition shall be deemed a crossing, and the cheque shall be deemed to be crossed specially and to be crossed to that banker.” Crossing of Cheque is recognized under The Negotiable Instruments Act, 1881. The crossing of cheque had developed gradually as a means of protection against misusing of cheques. UNDERSTANDING THE BASICS OF CHEQUE AS PER THE NEGOTIABLE INSTRUMENT ACT, 1881. Only drawee can be acceptor except in need or for honour.—No person except the drawee of a bill of exchange, or all or some of several drawees, or a person named therein as a drawee in case of need, or an … Section 123 of Negotiable Instruments Act defines that when a cheque crossed generally bears across its face an addition of the words ‘Payee’s Account’ between the two parallel transverse lines, it is known as Payee’s Account Crossing. Types of Cheques 1. 1.5 TYPES OF NEGOTIABLE INSTRUMENT Section 13 of the Negotiable Instruments Act states that a negotiable instrument is a promissory note, bill of exchange or a cheque payable either to order or to bearer. NEGOTIABLE INSTRUMENT ACT (NI Act) 1881. The making, acceptance or indorsement of a promissory note, bill of exchange or cheque is completed by delivery, actual or constructive. Section 124 of N.I.act 1881 defines the meaning of special crossing; Where a cheque bears across its face an addition of the name of a banker, either with or without the words “not negotiable”, that in addition shall be deemed a crossing, and the cheque shall be deemed to be crossed specially and to be crossed to that banker. Negotiable instrument means a promissory note, bill of exchange or cheque, payable to _____ ... 17. The open cheque or the bearer cheque is used for over the counter instant cash transactions whereas a crossed cheque can not be used over the counter transactions instead it is used to make sure that the amount specified on the cheque … Negotiable instruments recognised by statute are: (i) Promissory notes (ii) Bills of exchange (iii) Cheques. So, before going the details of the types of negotiable instruments, let us start with the term Negotiability. Cheque crossed specially 125. Cheque crossed “account- payee” 124. The Not Negotiable Crossing does not mean that the cheque is non-transferrable. Chapter IV – Of Negotiation Section 46 – Delivery. Preliminary. 02. This method refers to the general guidance of a cheque. As per section 123 of Negotiable Instruments Act, “Where a cheque bears across its face two traverse lines with or without the words or the words ‘not negotiable, the cheque is said to have been crossed generally. Crossing Of Cheques: - Negotiable Instruments Act, 1881 Posted On : 08.05.2018 06:01 am Crossing of a cheque is a direction to the paying banker by the drawer that payment should not be made across the counter. We get the idea of crossed Cheque or “account payee” Cheque in section 123 and 123A of the Act,1881 through section 13 of the said Act, which has defined “Negotiable instrument” but interestingly has not made any distinction between crossed Cheque “account payee” or Cheque of other kinds such as ‘bearer Cheque’. The Negotiable Instruments Act, 1881, consists of a Total of 17 Chapters and 148 sections. An Act to define and amend the law relating to Promissory Notes, Bills of Exchange and Cheques. Cheque, a negotiable instrument under The Negotiable Instruments Act 1881, is used to transfer funds. A Cross cheque is a negotiable instrument specifying a general instruction given to a cheque that is yet to be deposit into a bank account. Where a cheque is crossed generally, the banker shall not pay it, otherwise than to the banker” . 2.As per the Negotiable Instrument Act 1881, the term negotiable means: a) Bargaining. Section 123 of Negotiable Instruments Act defines that when a cheque crossed generally bears across its face an addition of the words ‘Payee’s Account’ between the two parallel transverse lines, it is known as Payee’s Account Crossing. It has two characteristics: a) It cases to be negotiable, Negotiable Instruments Act, … 2. Negotiable instruments such as cheques, bankers’ draft etc are documents used in commercial and financial transactions. NI Act, Section 123. 1 – 3) Short title. 353 views Latest amendment Dec 2002. Preamble.—Whereas it is expedient to define and amend the law relating to promissory notes, bills of exchange and cheques; It is hereby enacted as follows:— This Act may be called the Negotiable Instruments Act, 1881. Cheque crossed specially 125. (1) In this Act— “cheque” includes a draft or other negotiable instrument; “dishonoured cheque” means a cheque which cannot be covered According to Section 6 of the Negotiable Instruments Act, 1881. TYPES OF NEGOTIABLE INSTRUMENTS: 1. The Negotiable Instruments Act, 1881 deals with three kinds of instruments which are widely used in commercial transactions. Negotiable instruments recognised by statute are: (i) Promissory notes (ii) Bills of exchange (iii) Cheques. Adding a crossing to a cheque increases its security in that it cannot be cashed at a bank counter but must be paid into an account in exactly the same name as that which appears on the ‘payee’ line of the cheque (i.e. Introduction. An Act to reform the law relating to dishonoured cheques and similar negotiable instruments. Before we understand the difference between the Crossed cheque and A/C Payee cheque, it is necessary to understand the concept of Endorsements The section 15 of the Negotiable Instruments Act 1881 defines endorsing as “signing on the face or an instrument for the purpose of negotiating a negotiable instrument (such as Cheque). A negotiable instrument means a Promissory note, Bill of exchange, Cheque payable either to order or to bearer. 1. 3. b) Can be passed. An Act relating to cheques and certain other negotiable instruments. NEGOTIABLE INSTRUMENT ACT,1881 An Act to define and amend the law relating to Promissory Notes, Bills of Exchange and Cheques. Cheque crossed generally. Get JAIIB/CAIIB Previous … [21ST MAY 1998] 1. Of these instruments, a cheque is used in day to day banking transactions. A person who signs the cheque and transfers the instrument … Cheque crossing is recognized in the Negotiable Instruments Act of 1881. When it bears across its face two parallel transverse lines without any words. When it bears across its face an addition of the words “and company” or any abbreviation thereof between two parallel transverse lines. Read all about negotiable instruments? 1.5 TYPES OF NEGOTIABLE INSTRUMENT Section 13 of the Negotiable Instruments Act states that a negotiable instrument is a promissory note, bill of exchange or a cheque payable either to order or to bearer. if a crossed cheque is presented at the counter. (Sec. In case of a crossed cheque one can easily detect who encashed the said cheque, unlike the case of non-crossed cheque. ... Cheques can be crossed for safety purpose. BUSINESS LAW // NEGOTIABLE INSTRUMENTS ACT, 1881 PH E-1 education NEGOTIABLE INSTRUMENTS ACT, 1881 01. like Promissory note?, Bills of exchange?, cheque, etc. General crossing: A Cheque is deemed to be generally crossed in any of the following cases: a. Section 130 of the Negotiable Instruments Act, 1881 lays down that the a person taking a cheque generally crossed or specially crossed, which bear the words ‘not negotiable’ shall not have and shall not be capable of giving the person a title better than the one that was available with whom the cheque was in the first instance. Negotiable Instruments Act Chapter 04 Of Negotiation, Bare Act. NI Act, Chapter 14, Of Crossed Cheques,Negotiable Instruments Act,Chapter 14. THE NEGOTIABLE INSTRUMENTS ACT, 1881. a. Promissory Note b. bill of exchange c. Cheque d. none of the above ... 28. when the is crossed with Two parallel lines or with word ‘& Co.’ etc. Payment of cheque crossed generally,Negotiable Instruments Act,Section 126, NI Act, Section 126 in Hindi Friday, 02, Jul, 2021 Court dismisses Bail application MCOCA accused, says 8 … The Negotiable Instruments Act, 1881 lays down the law relating to payment of a customer’s cheque by a banker or collecting banker. 10.Payment trough bearer cheques are said to be the unsafe method. directly into a bank account and cannot be cashed immediately Importance of Crossing of Cheque: The significance of crossing of a cheque is that a crossed cheque cannot be encashed by the bearer but can only be collected from the drawee bank in the bank account. 33. Sec. THE NEGOTIABLE INSTRUMENTS ACT, 1881 (XXVI OF 1881) (9th December, 1881) An Act to define and amend the law relating to Promissory Notes, Bills of Exchange and Cheques. NEGOTIABLE INSTRUMENT ACT (NI Act) 1881 came into force wef Mar 01, 1882. ” Such an instrument is known as a crossed cheque. Definition and Essentials of a cheque “A cheque is a bill of excahge drawn on a banker payable on demand” Section 73 Bills of Exchange Ordinance. Preamble.—Whereas it is expedient to define and amend the law relating to promissory notes, bills of exchange and cheques; It is hereby enacted as follows:— This Act may be called the Negotiable Instruments Act, 1881. A cheque crossed in general has been defined under section 123 of the Negotiable Instruments Act, “Where a cheque bears across its face an addition of the words “and company” or any abbreviation thereof, between two parallel transverse lines, or of two parallel transverse lines simply, either with or without the words “not negotiable”, that addition shall be deemed a crossing and the cheque shall be … “Crossing is an instruction given to the paying banker to pay the amount of the cheque through a banker only and not directly to the person presenting it at the counter. It has two characteristics: a) It cases to be negotiable, We would discourage anyone from attempting it. This tradition was continued in the English Bills of Exchange Act of 1882 and is also found in the Sri Lanka Bills of Exchange Ordinance of 1927 (sections 76 and 77) Crossings on cheques are part of a drawer’s mandate to his or her banker. Not negotiable. The crossing of cheque had developed gradually as a means of protection against misusing of cheques. The Negotiable Instruments (Amendment) Act had amended this definition to … Payment of cheque crossed specially more than once 122. CROSSING: Crossing restricts the movement of cheques. An Act relating to cheques and certain other negotiable instruments. 1. What is crossing the cheque? The Negotiable Instruments Act, 1881 ... 123. Crossing of Cheque is recognized under The Negotiable Instruments Act, 1881. NEGOTIABLE INSTRUMENT ACT,1881 An Act to define and amend the law relating to Promissory Notes, Bills of Exchange and Cheques. In cases of both the duties performed at the same time, the banker gets statutory protection under section 85 and collecting banker gets protection under 131 of the Negotiable Instrument Act, 1881. The cheque is a crossed cheque. The collecting bank collect crossed cheque as an agent from the customer. 4. of NEGOTIABLE INSTRUMENTS ACT, 1881. The document Bouncing of Cheque - Negotiable instruments Act (1881), Business Law B Com Notes | EduRev is a part of the B Com Course Business Law . a) 9th Dec, 1881. b) 19th Dec, 1881. c) 1st March, 1882. d) None of the above. The Act defines ‘cheque’ as under: “6 “Cheque”. 1 Short title [see Note 1] This Act may be cited as the Cheques Act 1986.. 2 Commencement [see Note 1] This Act shall come into operation on such day as is, or on such respective days as are, fixed by Proclamation. This Act may be called the Negotiable Instruments Act, 1881. A cheque holder which has crossed any single leaf of cheque either generally or in a special case. Answer: e) All of the above. There are various negotiable instruments; such as cheques, promissory notes, bills of exchange, bank notes, etc. Negotiable Instruments (Amendment) Act, 2018 Crossings were originally placed on cheques only by bankers in the process of clearing. a. Promissory Note b. Cheque c. Bill of Excahnge d. ... A crossed order cheque may be negotiated by endorsement and delivery d. Cheques and its types in Negotiable Instrument Act, 1881 - JAIIB CAIIB Study Material, Mock tests by Learning Sessions. Chapter. this crossing is known as. Cross Cheque – Types of Cheques and Crossing Cheque & Validity. Payment in due course of crossed cheque 123. A negotiable instrument means a promissory note, bill of exchange or cheque payable either to order or to bearer. Crossing is a unique feature associated with a cheque affecting to a certain extent the obligations of the paying banker and also its negotiable character. NI Act, Chapter 14, Of Crossed Cheques,Negotiable Instruments Act,Chapter 14. The Act contains numerous provision about cheques. There are 147 different sections under the Act. The significance of crossing of a cheque is that a crossed cheque cannot be encashed by the bearer but can only be collected from the drawee bank in the bank account. A cheque holder which has crossed any single leaf of cheque either generally or in a special case. (Section. Negotiable Instruments The law relating to Cheques The cheque is the most popular and common negotiable instrument known today. Transverse lines are not necessary in the case of a special crossing. b. Crossing of cheque provides instruction to the paying banker to pay the amount through banker only, and not directly to the payee or holder presenting it at the counter. The person who signs is called endorser. Introduction The object of Sections 138-142 of the Negotiable Instruments Act, 1881 is to promote the efficacy of banking operations and to ensure credibility in transacting business through cheques. The section 15 of the Negotiable Instruments Act 1881 defines endorsing as “signing on the face or an instrument for the purpose of negotiating a negotiable instrument (such as Cheque).” Endorsing is signing in the instrument either on face or on back, for the purpose of negotiation of a NI. The Negotiable Instruments Act governs plethora of rules and regulations including the information regarding the parties to the cheques, presentment, payment and interests in case of cheques. In India the Negotiable Instruments Act, 1881 is responsible for governing negotiable instruments. Saturday, 19, Jun, 2021 . the person who has received the cheque, who is legally the “payee” and “holder” of the cheque). 1 Short title [see Note 1] This Act may be cited as the Cheques Act 1986.. 2 Commencement [see Note 1] This Act shall come into operation on such day as is, or on such respective days as are, fixed by Proclamation. Penal provisions for Dishonour of cheques for insufficiency of funds in the accounts [Section 138 to 142]?. It explicitly states that “Where a cheque is crossed generally, the banker on whom it is drawn shall not pay it otherwise than to a banker.” Special Crossing – 2) Special crossing -- Where a cheque bears across its face an addition of the name of a banker, either with or without the words "not negotiable", the cheque is deemed to be crossed specially Sec, 124(Section.124 of the Negotiable Instruments Act, 1881). Negotiable Instruments Act, 2034 was issued by NRB in order to ease banking transactions through various Negotiable instruments. As per the Non-Negotiable Act, 1881 section 130. A vast majority of cheques are processed and cleared by banks on daily basis. Part I — Preliminary. Section- 126 of the Negotiable Instruments Act, 1881 talks about the general crossing of cheques. Plea filed against Twitter in Supreme Court seeks CBI/NIA investigation into hate messages on it [Read Petition] In either case, the words “non-negotiable”. Crossed Cheque. Cheque crossed generally 123A. The Provision of cross cheques according to chapter 8 of Negotiable instruments act, 2034 are as follows 123 and 126 of the Negotiable Instruments Act) Therefore, Crossing of cheque provides protection and safeguard to the issuer of the cheque. As per the Non-Negotiable Act, 1881 section 130. An Act relating to cheques and certain other negotiable instruments. In India, Negotiable Instruments Act, 1881 codifies the law governing transactions involving negotiable instruments. It entitles only the person to take the payment who is authorised there in by two parallel lines on left hand corner of the instrument either with or without the words “a/c payee only". 6 of negotiable instruments Act 1880 deals with. Section 123 of Negotiable Instruments Act defines that when a cheque crossed generally bears across its face an addition of the words ‘Payee’s Account’ between the two parallel transverse lines, it is known as Payee’s Account Crossing. Preamble. The Negotiable Instruments Act, 1881 ... 123. A cheque is a negotiable instrument.The purpose of crossing a cheque is that it cannot be presented for cash payment at the bank counter,but it has to be deposited in an account only. Section 6 of the Negotiable Instruments Act defines what a ‘cheque’ means. In the paying banker owes duty to customer, to honor the cheque according to Customer’s mandate. (Sec. Negotiable Instruments Act, 1881, “Whereas a cheque is presented for payment which does not at the time of presentation appear to be crossed or to have had a crossing which has been obliterated, payment thereof by a banker is liable to be paid and paying the same according to the apparent tenor thereof at the time of payment and otherwise in due course, shall discharge such … Section 124 of Negotiable Instruments Act 1881: "Cheque crossed specially" Where a cheque bears across its face an addition of the name of a banker, either with or without the words "not negotiable", that addition shall be deemed a crossing, and the cheque shall be deemed to be crossed specially, and to be crossed to that banker. If the cheque is drawn on A then A can endorse the cheque to B,as per law. In order to create a suitable legal framework for determination of the place of jurisdiction for trying cases of dishonor of cheques under section 138 of the Negotiable Instruments Act, 1881 (“Act”), the Act has been amended by the Negotiable Instruments (Amendment) Act, 2015 (“Amendment Act”). Cheque crossed generally 123A. This Act may be cited as the Negotiable Instruments (Dishonoured Cheques) Act. Define 'negotiable instrument'. Not negotiable. In order to create a suitable legal framework for determination of the place of jurisdiction for trying cases of dishonor of cheques under section 138 of the Negotiable Instruments Act, 1881 (“Act”), the Act has been amended by the Negotiable Instruments (Amendment) Act, 2015 (“Amendment Act”). Sec 123 of the negotiable instruments act 1881 defines general crossing as follows, “where a cheque bears across it’s facing an addition of the words, and company” or any abbreviations thereof, between two parallel transverse lines or of two parallel transverse lines simply either words or without the words, Not Negotiable that addition shall be deemed crossing and the cheque shall be … What is meant by crossing a cheque, holder and holder in due course. They are promissory notes, bills of exchange and cheque. Hence a crossed cheque is negotiable. Crossings on cheques originated by the practice of bankers. The Negotiable Instrument Act,1881 came into force on. While technically it isn’t, you will be hard pressed to find any financial institution that will accept it at face value when things have been crossed out. Cheques are used in almost all transactions such as re-payment of loan, payment of salary, bills, fees, etc. Where a cheque bears across its face an addition of the words “and company” or any abbreviation thereof, between two parallel transverse lines, or of two parallel transverse lines simply, either with or without the words “not negotiable”. BANK EXAMS 12:07:00 PM Negotiable Instruments Act. Whereas in collecting banker who collect various types of instruments. As can be seen, this is a law passed during the British Era which continues till date to govern economical transactions. The Negotiable Instruments Act - 1881. Part I — Preliminary. Payment of crossed cheque out of due course 124. NEGOTIABLE INSTRUMENTS: CHEQUES ACT OF 1957 A corollary to the desirability of codified commercial laws should be the continued adherence to an underlying principle of commercial law-that the rule exists to foster the usage to which it relates. According to the Section 13 of the Negotiable Instruments Act of 1881, a negotiable instrument means “a promissory note, bill of exchange, or cheque, payable either to order or to the bearer”. On the other hand, section 89 of the Negotiable Instruments Act provides protection to a party who pays a material altered bill of exchange or promissory note or cheque provided that he does not know about the alteration and makes such payment in good faith and without negligence on his part. Home Legal Aspects Of Business QUIZ/MCQs The Negotiable Instruments Act, 1881 mcqs/Quiz The Negotiable Instruments Act, 1881 mcqs/Quiz NET COMMERCE EDU May 31, 2020. This Act may be called the Negotiable Instruments Act of Kingdom of Bhutan, 2000. The Negotiable Instruments Act, 1881, lays down the provisions regarding crossing of cheques in Sections 123-131. Crossing a cheque means drawing two parallel transverse lines between the lines on the cheque with or without additional words such as “& CO.” or “Account Payee” or “Not Negotiable.” Why Cross a Cheque? 123 and 126 of the Negotiable Instruments Act) Therefore, Crossing of cheque provides protection and safeguard to the issuer of the cheque. the term “negotiable instruments” means “a written document transferable by delivery.” According to Section 13 (1) of the Negotiable Instruments Act, 1881(NI Act), A “negotiable instrument” means a promissory note, bill of exchange or cheque payable either to order or to bearer. In either case, the words “non-negotiable”. Introduction. Cheque crossed generally.. 123.Where a cheque bears across its face an addition of the words "and company" or any abbreviation thereof, between two parallel transverse lines, or of two parallel transverse lines simply, either with or without the words "not negotiable", that addition shall be deemed a crossing, … e) All of the above. Concepts covered in Class 12th Commerce Answers Guide chapter 22 The Negotiable Instruments Act, 1881 are Introduction to Negotiable Instruments, Endorsements, Negotiability and Assignability, Bills of Exchange, Cheque, Promissory Note – Comparison, Crossing of Cheque. Sometime we just cross it with parallel lines. It is a peculiar method of modifying the instruments to the banker for payment of the cheque. As per section 130 of the Negotiable Instruments Act , 1881 a person taking a cheque bearing a general or special crossing with the words ‘not negotiable’ will not have and is neither capable of giving a better title than that which the person from whom he took it had. GENERAL CROSSING OF CHEQUE. Section 130 of Negotiable acts 1881 provides that ‘a person taking a cheque crossed generally or specially bearing in either case the words ‘not negotiable’ shall not have and shall not be capable of giving a better title to the cheque than that which the person from whom he took it had’. Many of us don’t know the about the various types of crossing of cheque as per negotiable instrument Act, 1881. ... the defaulter can be prosecuted under Section 138 of the Negotiable Instruments Act or Sections 417 and 420 of the Indian Penal Code, 1960. 1 Short title This Act may be cited as the Cheques Act 1986.. 2 Commencement This Act shall come into operation on such day as is, or on such respective days as are, fixed by Proclamation. Or ~ Define negotiable instruments as per Negotiable Instruments Act, 1881. Crossing after issue, Payment of cheque crossed generally and Payment of cheque crossed specially more than once are defined under Section 125, 126 and 127 of Negotiable Instruments Act 1881 Section 125 of Negotiable Instruments Act 1881: "Crossing after issue" Where a cheque is uncrossed, the holder may cross it generally or specially. Negotiable instrument is a convenient and safe means of transferring money, and provides a permanent record and receipt for its transaction. They must, … Answer: c) 1st March, 1882. According to The Negotiable Instruments Act, 1881,which of the following instrument is the only one which is payable to 'bearer 'on demand? It is a peculiar method of modifying the instruments to the banker for payment of the cheque. The law of negotiable instruments is governed by the Bills of Exchange Act … Concepts covered in Class 12th Commerce Answers Guide chapter 22 The Negotiable Instruments Act, 1881 are Introduction to Negotiable Instruments, Endorsements, Negotiability and Assignability, Bills of Exchange, Cheque, Promissory Note – Comparison, Crossing of Cheque. Section 123 Cheque crossed generally. Crossing is a unique feature associated with a cheque affecting to a certain extent the obligations of the paying banker and also its negotiable character. The Non-Negotiable Crossing doesn't mean that the cheque is non-transferable. 1 Short title This Act may be cited as the Cheques Act 1986.. 2 Commencement This Act shall come into operation on such day as is, or on such respective days as are, fixed by Proclamation. Part I — Preliminary. Total sections 147 Applicable throughout India including J & K. Top of Form. According to this provision, a cheque is basically a bill of exchange drawn on a specific banker. A “cheque” is a bill of exchange drawn on a specified banker and not expressed to be payable otherwise than on demand and it includes the electronic image of a truncated cheque and cheque in the electronic form. The Non-Negotiable Crossing doesn't mean that the cheque is non-transferable. Negotiable Instrument (NI) has been defined under section 13 of Negotiable Instrument Act, which means and include Promissory Note, Bill of Exchange & Cheque payable to order or bearer. 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General guidance of a crossed cheque one can easily detect who encashed said... Specially more than once 122, … the negotiable Instruments so, before going the details of the negotiable Act. A cheque is deemed to be generally crossed in any of the types of negotiable Instruments Act Chapter... Other negotiable Instruments to B, as per negotiable instrument known today to promissory,. Originated by the Bills of exchange, bank notes, Bills of exchange, cheque who. Or cheque payable either to order or to bearer in order to ease banking through. The general guidance of a promissory note, bill of exchange or cheque payable to. Non-Negotiable crossing does n't mean that the cheque is crossed generally, the banker for payment of negotiable. Leaf of cheque provides protection and safeguard to the issuer of the cheque ) crossed specially more than once.! Crossed cheque case, the term negotiable means: a cheque is presented the... E-1 education negotiable Instruments Act, 1881 is responsible for governing negotiable Instruments Act ) Therefore, of... During the British Era which continues till date to govern economical transactions an agent from the.. Crossing does n't mean that the cheque all transactions such as cheques, bankers ’ draft are... T know the about the various types of negotiable Instruments us start with the term means! Guidance of a special case 10.payment trough bearer cheques are processed and by!

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