Can a company issue an open cheque payable to cash?
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If a company writes simply “Cash”, it means a “Self” cheque (meaning that the cheque is meant for cash withdrawal by self) and hence, it also needs to be signed by the signatory on the backside of the cheque. In such a case, some banks insist for the following: a) The person who withdraws the cash has to flash his / her ID card b) If the cash to be withdrawn is more than 15,000, then a mini authorisation note on the backside of the cheque is required Also, a company can issue bearer cheques to anyone (without crossing and writing ‘Account Payee”) up to a sum of Rs. 15,000.
