Question let me know the meaning of Drawer,Drawee and payee of the cheque. There are three parties to the cheque- Drawer (maker of the cheque), Drawee (bank on which the cheque is drawn), Payee (to whom the amount of the cheque is payable). Drawer and payee can be the same person if it is a self cheque.
A check typically involves three parties, (1) the drawer who writes the check, (2) the payee, to whose order the check is made out, and (3) the drawee or payor bank, the bank which has the drawer’s checking account from which the check is to be paid. There is no definition of A/C payee crossing in the NI act and it is a. The drawer writes the various details including the monetary amount, date, and a payee on the cheque, and signs it, ordering their bank, known as the drawee, to pay that person or company the amount of money stated.
Hence, it is up to the drawer to specify whether he wants to make the cheque payable to order or bearer. This cheque is payable by the drawee bank over the counter to the Bearer or presenter of the cheque. An order cheque can be paid to the named payee across the bank’s account if so presented. The following are the points of distinction between a promissory note and a bill of exchange: 1. In a bill of exchange, there are three parties, namely, drawer, drawee and payee; In a bill of exchange, the drawer is the maker who orders the drawee to pay the bill to a person called the payee or to his order. Definition of drawer: Maker or writer of a bill of exchange (check, draft, letter of credit, etc.
The drawer, drawee or the drawee, payee. Release: the drawer payee payer money directly to let. (open a bar, looking for accounting money).