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This question belongs to Banking Awareness Banking Awareness Miscellaneous

Banking Awareness miscellaneous

?

A cheque crossed as ‘Payees a/c only” is direction to

A) The payee not to negotiate the cheque. B) The paying banker to ensure that the proceeds of the cheque are credited to the payees a/c only. C) The collecting banker to ensure that the proceeds of the cheques are collected for the account of the payee only. D) None of the above

Answer & Solution

Correct Answer: Option C

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