GK
BANKING AWARENESS AND SEBI
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
An account holder draws a cheque on a ____
|
|
Banker of the Payee
|
|
|
Banker of the Drawee
|
|
|
Banker of the Drawer
|
|
|
Banker of the Endorsee
|
Explanation:
Detailed explanation-1: -A cheque is a bill of exchange in which one party (Drawee) is a Bank. So a Drawer (account Holder) draws the Cheque on the (Drawee bank) in the name of a Payee. The Drawer has to write the amount in both in figures and words.
Detailed explanation-2: -(1) A “negotiable instrument” means a promissory note, bill of exchange or cheque payable either to order or to bearer.
Detailed explanation-3: -While the drawer is the person who draws the cheque, the drawee is the banker on whom it is drawn. Apart from these, there can also be a payee who is liable to pay the amount on the cheque. Furthermore, there can also be a holder who is generally the original payee.
There is 1 question to complete.