Legal Question in Banking Law in India
issuing of bearer cheque favouring companies not individual is a violation of which law? is it in violation of banking regulation or the violation of RBI guidelines..please suggest
Asked on 7/28/15, 9:28 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
29.07.2015
Dear Sir / Madam,
The Reserve Bank of India Act and the Companies Act stipulate that a bearer cheque if issued in the name of a limited company, has to be crossed and deposited in the Company's A/c for collection.
Regards,
Answered on 7/29/15, 6:07 am
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