Friday, August 25, 2006

An hour of Banking class: my thoughts running loose

This is the class that let my mind loose. The class that nurtures my writing skills. My thoughts flow free with no barriers – I think what not in this class…but Maam’s monotonous voice is keeping on echoing in my mind..again and again..what do I write…I am getting bored in this dumb class…
Hey, it seems like Alice is listening to class. Sherine is writing and passing notes and pretending to listen to class. Sophia is doing her short hand lessons. Chitra is doing sudoku. Sagaya, Deepthi, Yazhilini, Helen are staring at maam with no other option!! Aruna and Shilpa are listening to class.
Ok..fine the spelling of ‘inconvenience’ is it right the 7th time..thanks to Alice and Chitra!!
Now what..Banking maam wants us to take some points…lets write it down shall we…

TYPES OF CROSSING [heading]-(what crossing?? Oh yeah, cheque crossing….not road crossing!!!!)
1) General Crossing- Sec 123 – definition- (the normal one yaar)
~ Essentials of general crossing:
a)2 lines are of great importance in crossing – (very important...yes I know this for a zebra crossing it must have black and white lines!!!!)
b)Lines must be drawn parallel and transverse – (ok! I know parallel zebra crossing lines – transverse???!!!....ok she has gone to the next point)
c)Lines are generally drawn on the left hand side so as to not to obliterate or alter the printed no. of the cheque and it should not cut or cross some of the writing – (in simple words, do not scribble unnecessarily on the cheque!!!..Got it people!!!)
d)The words ‘and company’ and its abbreviation are written between the lines, they by themselves do not constitute crossing, but it has been a practice to write them when the drawer does not know the name of the payer banker – (if he doesn’t know the name why does he draw...When he draws lines must be lengthy enough to constitute ‘and company’ and what ever abbreviation it has!!!)
e)Similarly the words ‘not negotiable’, ‘account payee only’ may be added to the crossing – (but I have a query here…if you add not negotiable...Then the cheque (literally) is not a negotiable instrument right!!!..Then what is a cheque now….??!!!)

(Ok, I know I am taking Banking class very LIGHTLY..And I know this is going to reflect in my exam!!!!!)
~ Significance of general crossing:
a)It gives direction to a paying banker - (oh so it means otherwise the banker is blind and doesn’t know the rout to take…I pity him!!!)
b)The direction is that the amount of cheque should not be paid at counter but to a fellow banker, that is it should be made through an account and not at the counter of the paying bank – (but what if that fellow banker runs away…and doesn’t all operations of the bank pass through the counter..Be it passing through an account or another way...It is still done at the counter right!!!!)
c)If a crossed cheque is paid at the counter in contravention of crossing,
# The payment does not amount to payments in due course; paying banker will lose his statuary protection.
# He has no right to debit his customers account as it constitutes breach of customers mandate – (I even more pity the banker)
# He will be liable to the drawer for any loss he may suffer – (I declare that I will never take a banker’s seems to be a very difficult one yaar….counting the no. of breaches he can do...Which I am bound to do!!!!)
d)The main intention of crossing is to give protection to it but general crossing gives only limited protection – (then why the heck did I learn this whole crap, if it isn’t going to give full protection) in the sense that if a thief is not the customer of the paying banker he can encash the cheque through forging the signature of the payee. However it can be deducted – (then what is the damn problem over here!!!). To avoid this danger special crossing was introduced – ( so basically protection is not the main intention……it is letting in the thief and letting him to forge the sign!!!)

2)Special crossing – definition – section 124:
~ Essentials of Special Crossing:
a)2 parallel lines are not at all essential – (so how do you cross with out zebra lines….you will have to jump and fly to cross huh!!!)
b)Name of the banker (collecting banker) has to be necessarily specified on the face of the cheque – (so a cheque has a face, body… interesting!!!) it alone constitutes Special crossing – (ALONE!!! the essentials is it must have a face and a name on it…so simple… even each one of us can become a cheque…. We all have a face…on it we write a bankers name… we become a cheque!!!!)

(Bell rang….hmm..end of an hours torture…….will seeya in next class….tille then adios….this is zanychild a.k.a vidya!!!)

blogger templates | Make Money Online