account payee


Also found in: Legal.

account payee

a means of indicating on a CHEQUE that the money should only be paid into the bank or building society account of the payee.
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Finance Act, 2017, section 269ST, inserted in the Income-tax Act, 1961, provides that no person is permitted to receive an amount of Rs 2 lakh or more:- in aggregate from a person in a day; in respect of a single transaction; or in respect of transactions relating to one event or occasion from a person; otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account.
The candidates are required to incur all their expenses except petty minor amounts, through cross account payee cheque from the said account," he added.
The emd may be submitted in the form of an account payee demand draft, fixed deposit receipt, bankers cheque or bank guarantee from any of the public sector banks or a private sector bank authorized to conduct government business as per form dpm-13