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WHAT ARE THE DIFFERENT TYPE OF


CHEQUES ISSUED IN INDIA
Finance

Cheque is a document which guarantees the payee or bearer to get paid for a specific
amount from the payers bank account. Your bank on demand from payee or bearer
pays the specified amount after cross checking your signature with banks database.
After opening your saving bank account or current account, you will be issued a
bunch of Cheque leaf. These leafs can be used for making payment to your vendor or
to pay your bills. There are different type of cheques which are defined based on how

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you issue it, where as basic format remains same. In this article we will be discussing
6 verities of cheques that are issued in India.
Bearer Cheque
On your Cheque leaf you can find a
word Or Bearer. If you do not
strike out this word while issuing
then it becomes a bearer Cheque.
Bearer Cheque means the person
who is holding the instrument can
withdraw amount from your bank
account. Issuing these types of Cheque is risky as you never know when your payee
will misplace it. In such type of circumstances the finder can collect the payment from

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bank.
Crossed
Crossing a Cheque means you are instructing the bank to make payment to the
payees banks account only. You can cross it by adding two parallel lines on the top
left hand corner of the Cheque. Payment for this type of Cheque can not be obtained
from the cash counter of your bank account. After depositing it with a bank, the bank
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What are the different type of Cheques issued in India - Your Finance Book

will submit it to the nearest branch of payers bank and then you will be paid after
getting it paid from payers bank to your bank. You can also write A/c Payee in
between the crossed line.

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Uncrossed
While issuing if you do not cross the Cheque then it will be called Uncrossed Cheque.

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Its also called open Cheque which is not required to be paid to payees bank
account.
Self
In self cheque, you can issue it in your own name or write self in the palace of writing
Payees name. The person who is holding the instrument can go to the payers bank
and withdraw the amount that is mentioned there in. Its a very risky instrument as the

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owner has not been defined in it. In case you misplace it, then the other party holding

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Section 194IA

the instrument can claim his ownership. In such types of situation, you have to inform

Section 192 TDS on salary

the bank and payer to block it by giving the cheque number to them. This type if

Losses and other incomes that


can be disclosed to your
employer for TDS

instrument can only be paid by payers bank. You cannot get it paid from any other
banks.
Order Cheque
In case of order Cheque, the payee in whose favor the Cheque has been issued can
only withdraw the amount. If the payee wants then he or she can authorize someone
to collect the amount on his behalf. It will become an order cheque only when you
strike out the word OR BEARER part after writing the party name in it and have
not crossed it on the top left hand corner.

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Your bank account
Bill Payment

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What are the different type of Cheques issued in India - Your Finance Book

Post-dated
A cheque issued today will be valid for 3 months from the date of issue. In case
someone wants to take payment on a future date i.e. after 3 months time period or
the party has requested to have a higher validity period then you can issue a post
dated cheque by quoting a future date as per your convenience. In such type of
situations, it will be valid for 3 months from the future date that is mentioned on the
instrument. For example; on 16/12/2013, if you are issuing it dated 01.04.2014 then
it will be called a posted dated cheque and will be valid for 3 months from the date of
01.04.2014.
Cheque will change its functionality based on how its issued. You have to be very
careful while drafting a cheque or else there are chances of losing your hard earned
money.
Also Read: 5 things to remember while filling out a cheque
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Last Updated on March 29, 2014 by Editorial Staff

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