BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the Followings are not the Negotiable Instruments as defined by the Statute (law)?
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Banker’s Note
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Promissory Note
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Bill of Exchange
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Cheques Answer
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Explanation:
Detailed explanation-1: -A crossed cheque can only be paid in account & hence it is not a negotiable instrument.
Detailed explanation-2: -Section 13 in The Negotiable Instruments Act, 1881. 13. ‘’ Negotiable instrument”.-1[ (1) A “negotiable instrument” means a promissory note, bill of exchange or cheque payable either to order or to bearer. Explanation (i).
Detailed explanation-3: -Non-negotiable securities and products are those that cannot be transferred from one party to the next. An example of a non-negotiable instrument, also referred to as a non-marketable instrument, would be a government savings bond.
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