Pocket Money - SEBI Investor Awareness Website - Securities and ...

Pocket Money - SEBI Investor Awareness Website - Securities and ... Pocket Money - SEBI Investor Awareness Website - Securities and ...

investor.sebi.gov.in
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11.07.2015 Views

Payee: ____________________________________________________________________________________.Theory-WiseTwo parallel transverselines across the faceof a check is called a'crossing'. And wherea check is crossed, thebanker on whom it isdrawn shall not pay itotherwise than to abanker.– NegotiableInstrument ActDrawee Bank and Branch: ____________________________________________________________________Chetan: So, Mom, you mean I can go to the neighborhoodbank and get cash from them?Can Chetan get cash from the bank in exchange of thischeque?____________________________________________________Chetan: What are those two parallel lines doing there?Mother: That’s called _______; it means that _________________________________________________________ .Mother: The words _______________ written within the parallellines mean that ____________________________________________________ and the bank will not __________against thecheque.So, what does Chetan do now?____________________________________________________Chetan: Why did Grandpa send me an account payee chequein the first place? It is such a big problem for me now.34

What could be the reasons for Chetan’s grandpa sendinga cheque?Chetan: But why did he do the ‘crossing’ thing?________ a cheque and marking it ____________________ensures that only the _________ of the cheque and nobodyelse gets the money.Chetan: But I am not yet 18 years old, that’s why you arenot allowing me to drive the car or get a driving license.How can I open a bank account?Can Chetan open a bank account?Most of the banks allow/do not allow minors above ten/twelve/eighteen years age to open and operate savings bank accountjointly with parents/independently. Therefore Chetan can/cannotopen a bank account.CHETAN GOES TO THE BANKMother: Good morning Miss Varuna, meet my son Chetan.He wants to open an account.35

Payee: ____________________________________________________________________________________.Theory-WiseTwo parallel transverselines across the faceof a check is called a'crossing'. And wherea check is crossed, thebanker on whom it isdrawn shall not pay itotherwise than to abanker.– NegotiableInstrument ActDrawee Bank <strong>and</strong> Branch: ____________________________________________________________________Chetan: So, Mom, you mean I can go to the neighborhoodbank <strong>and</strong> get cash from them?Can Chetan get cash from the bank in exchange of thischeque?____________________________________________________Chetan: What are those two parallel lines doing there?Mother: That’s called _______; it means that _________________________________________________________ .Mother: The words _______________ written within the parallellines mean that ____________________________________________________ <strong>and</strong> the bank will not __________against thecheque.So, what does Chetan do now?____________________________________________________Chetan: Why did Gr<strong>and</strong>pa send me an account payee chequein the first place? It is such a big problem for me now.34

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