BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Cheques
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Bills of Exchange
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Drafts
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All of above
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Detailed explanation-1: -A promissory note, bill of exchange or cheque payable to bearer is negotiable by the delivery thereof.
Detailed explanation-2: -A cheque is a negotiable instrument. It can either be open or crossed. An open cheque is the bearer cheque. It is payable over the counter on presentment by the payee to the paying banker.
Detailed explanation-3: -A bill of exchange is a negotiable instrument signed and issued by the drawer authorizing the drawee to pay unconditionally at a fixed future date a sum certain in money to the payee or holder.
Detailed explanation-4: -A “bill of exchange” is an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay on demand or at fixed or determinable future time a certain sum of money only to, or to the order of, a certain person or to the bearer of the instrument.
Detailed explanation-5: -It can be crossed. Crossing of the promissory note is not required.