SALES
AND STATISTICS
THE MAHARASHTRA STATE CO-OPERATIVE COTTON GROWERS'
MARKETING FEDERATION LIMITED
| NO:CTN/SS/Cheque/CC/2001-02/3868 |
Date:
10-01-2002 |
CIRCULAR
Sub:Cheque
Facility.
You are aware that we are allowing some buyers to effect payment by cheque, for this purpose necessary approval to avail cheque facility is given. SPC has decided to give cash discount to the buyers after realizaion of cheque to whom the cheque facility is already given.
On 9-1-02 SPC decided
that payment of cheque should be treated at per with payment by DD. If the next
date of presentation of cheque is holiday then the cheque should presented to
the bank on the next working day and after the date of presentation it should
be realised on immediate next working day. If the cheque is not realised then
carrying charges will be applicable from the date of acceptance of cheque and
if the cheques are realised in due period as specified above then the date of
presentation of cheque will be treated as date of payment.
For more clarification:-
-
If 'A' Party presented cheque on 5th January 02, the cheque will be presented to bank on 7th Jan 02. (As 6th is Sunday i.e. holiday) and the same will be realised on 8th of Jan.02. In this case day of payment is 5th Jan 02 and "NO CARRYING CHARGES" for the period from date of payment and date of relisation (i.e, 5th to 8th of Jan 02) is applicable.
-
If "B" party presented cheque on 5th Jan 02, the cheque will be presented to bank on 7th Jan 02 (As 6th is Sunday, Holiday) and if the same is not realised on 8th of Jan 02. In this case, carrying charges will be applicable from 5th Jan 02.
If the zones find any difficulty in implementing the above instruction they may contact this office for further clarification.
Dy. General Manager (SE)
Jt. Managing Director.
