Saturday, November 12, 2011

Lesson-1 regarding General Banking

Dear Friends,

I have discussed about different issues of Accounting opening in Bank in my earlier lessons. Now I will discuss different issue of general banking in my lessons.


Question:  What is cheque?
Answer:
 A cheque is a bill of exchange drawn on banker to  pay account holder or bearer on demand.

Question: What are the parties of Cheque ?
Answer:
Drawer: Drawer is the account holder
Drawee: Drawee is the bank who is to pay the money
Payee: Payee is the beneficiary who is to receive the money.

Question: What is  Stale Cheque?
Answer:
 If a cheque is presented for payment after six months from the date appearing on the cheque.

Question: What is Promissory Note?
Answer:
Promissory Note  is an instrument in writing containing unconditional undertaking, signed by the maker to pay a certain sum of money only to, or to the order of an certain person, or the bearer of the instrument.

Question: What is Pay Order?
Answer:
 A pay order is a written order, issued by a Bank, to pay a certain sum of money to a specified person or a Bank

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