BANKING GENERAL KNOWLEDGE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Is to return, as the mandate is not clear
|
|
|
Is to pay the amount written in words
|
|
|
Is to pay the amount written in figures
|
|
|
Is to pay the lower of the two amounts written in words and in figures
|
Detailed explanation-1: -18. If the amount undertaken or ordered to be paid is stated differently in figures and in words, the amount stated in words shall be the amount undertaken or ordered to be paid: Provided that if the words, are ambiguous or uncertain, the amount may be ascertained by referring to the figures.
Detailed explanation-2: -5. “Bill of exchange”.-A “bill of exchange” is an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of, a certain person or to the bearer of the instrument.
Detailed explanation-3: -19. Instruments payable on demand.-A promissory note or bill of exchange, in which no time for payment is specified, and a cheque, are payable on demand.
Detailed explanation-4: -PUNISHMENT: After the amendment of 2002 the imprisonment that may be imposed may extend to two years, while fine may extend to twice the amount of cheque. However, the trial is conducted in summary way, then Magistrate can pass sentence of imprisonment not exceeding one year and amount of fine exceeding Rs. 5, 000/.