Are crossed cheques made payable to account payee only considered bearer negotiable instrument?
Under the definition of BNI, only a negotiable instrument that is in bearer form, indorsed without any restriction, made out to a fictitious payee or otherwise in such form that title passes upon delivery, or which has been signed but with the payees name omitted, qualifies as a BNI. As such, a crossed cheque is not a bearer negotiable instrument. On the other hand, a crossed cheque made payable to account payee without the name of the payee being stated or if it is payable to bearer as well, then it would be a bearer negotiable instrument. Q7. Do electronic transactions e.g. telegraphic transfers need to be reported? No. The reporting requirement applies only to physical movements of CBNI into and out of Singapore. Q8. Who is an Immigration Officer? An Immigration Officer is defined to be the “Controller of Immigration or any immigration officer appointed under section 3 of the Immigration Act, and includes an officer of customs”. Generally, this would include an officer of the Immigr
