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Mr. Banerjee!
A company can transfer from one account to another by using letters but cannot withdraw cash. Raising debits and withdrawing cash are different. withdrawal slips are not negotiable instruments which means that they cannot be given to third parties for withdrawing cash. Banker has certain statutory protection while paying a negotiable instrument. This he cannot get while paying withdrawal slip. In a withdrawal slip the account holder should visit the bank. In case of current account the company/firm cannot visit the firm as it is a collective body. M/s. TATA cannot visit the bank only its accountant or an authorised person can visit the Bank. But this is not in case of cheques it could be easily transferred. so w/s are not accpetable for withdrawing cash from current account. In case of current account (personal) if a customer does not have a cheque book then also a loose leaf will be issued by the bank for withdrawing cash. I hope you are clear.
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