Which of the following is not a negotiable instrument? [Indian Overseas Bank 2011]

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Cheque
B	Pay order
C	Bill of Exchange
D	All are negotiable instruments

Explanation:

Detailed explanation-1: -A crossed cheque can only be paid in account & hence it is not a negotiable instrument.

Detailed explanation-2: -a Hundi is an unconditional order in writing made by a person directing another to pay a certain sum of money to a person named in the order. Hundis, being a part of the informal system have no legal status and are not covered under the Negotiable Instruments Act, 1881.

There is 1 question to complete.