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4 days ago · The meaning of NEGOTIABLE INSTRUMENT is a transferable instrument (as a note, check, or draft) containing an unconditional promise or order to pay to a holder or to the order of a holder upon issue, possession, demand, or at a specified time. How to use negotiable instrument in a sentence.
17 hours ago · Demand Draft. A written document that requests the bank to pay a specific amount of money to a designated person. A demand draft is a negotiable instrument issued by a bank to transfer money from one location to another, in the name of a person or entity not known to payee. The cheque is issued by a customer of the bank.
5 days ago · Updated On - 30 May 2024. A demand draft is a negotiable instrument offered by a bank and is non-transferable. It is issued by a bank and is drawn by a " Drawer " who makes the payment. The drawer instructs the bank to make a payment to a specific person or an organisation called " Payee " (the one who receives the cash) when it is presented.
17 hours ago · With that purpose Sec.138 to 142 were inserted by Banking Public Financial Institutions and Negotiable Instruments clause (Amendment) Act, 1988. Section 138 of Act deals with dishonour of cheques. It has no concern with dishonour of other negotiable instruments. The cheques in question must be given for any legally recoverable dues.
4 days ago · The Negotiable Instrument Act, 1881 is applicable for the cases related to the dishonour of cheques. In accordance with section 138 of this act, dishonour of cheque is a criminal offence and is punishable with a monetary penalty or imprisonment of up to 2 years or both.
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4 days ago · It is a pre-paid negotiable instrument where the drawee bank takes the responsibility of making the payment when the DD is presented by the payee. Updated On - 27 May 2024. What is a Demand Draft? Demand Draft is a transaction instrument issued by a bank that aids in transferring funds from one bank to another.
3 days ago · An MMA is a type of mutual fund that invests in short-term, interest-bearing instruments to generate a variable yield while preserving principal. MMAs may...
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