Modification of procedure regarding discharge by payee in case of income-tax refund orders

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Full Text of the Document

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....e refund order. The responsibility of the collecting bank in dealing with account payee instruments is well-defined under the Negotiable Instruments Act. No specific purpose is served by obtaining this additional discharge on the reverse of this cheque. On the other hand, it sometimes happens that in the absence of the discharge of the payee, the refund order is returned unpaid, entailing addition....