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Why is it mandatory to write the amount of money in the bank cheque in both word and figure?

Source :
Energy Update; Apr2024, p1-68, 68p
Publication Year :
2024

Abstract

This article discusses the importance of writing the amount of money in both words and figures on a bank cheque. It recounts a story where a branch manager receives a phone call from a woman requesting 2 lakh rupees. The manager is captivated by her voice and prepares to give her the money. However, when an old woman arrives at the bank, the manager realizes he was mistaken and refuses to give her the money. The article concludes by stating that the international rule of the bank is that if the word and figure on a cheque do not match, payment will be declined. [Extracted from the article]

Details

Language :
English
ISSN :
23096578
Database :
Complementary Index
Journal :
Energy Update
Publication Type :
Periodical
Accession number :
176408990