GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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In the case of a demand draft
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Drawer, drawee and payee are different
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Drawer, drawee and payee are the same
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Drawer and payee are the same but the drawee is different
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Drawer and drawee are the same but he payee is different
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Explanation:
Detailed explanation-1: -The drawer is the person requesting the demand draft; the bank paying the money is the drawee; the party receiving the money is the payee.
Detailed explanation-2: -the drawer is the party that issues a bill of exchange – the ‘creditor’; the beneficiary or payee is the party to which the bill of exchange is payable; the drawee is the party to which the order to pay is sent-‘the debtor’.
Detailed explanation-3: -A drawee is the person or other entity that pays the owner of a check or draft. The holder of the check is the payee and the check writer the drawer. Most often, if you deposit a check, your bank or check-cashing service is the drawee.
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