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 matter of handling bills of exchange for collection, the relationship between customer and the bank is:
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Bailor and bailee
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Principal and agent
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Trustee and the beneficiary
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All of the above
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Explanation:
Detailed explanation-1: -It should essentially include an order to pay. It is required to be signed by the drawer. It should be an order to pay a certain amount of money. The parties to the bill of exchange must be certain and must be mentioned in the bill of exchange.
Detailed explanation-2: -A bill of exchange, a short-term negotiable instrument, is a signed, unconditional, written order binding one party to pay a fixed sum of money to another party on demand or at a predetermined date. A bill of exchange is sometimes called draft or draught, but draft usually applies to domestic transactions only.
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