Header Ads


According to the rule in Clayton’s case, the money paid in by a customer are to be applied towards adjustment in overdraft account in order of time in which the debits were incurred
52.  Banking company is prohibited for undertaking business like trading of goods etc under – Banking Regulation act 1949
53.  For availing remedy under section 138 of Negotiable Instruments act, the holder will have to give notice to the drawer within 30 days of return of the cheque
54.  When a firm has branches at different places and wishes to avail the loan at all stations, the documents will be executed at its Head Office and sub limits will be allocated to branches at different places
55.  In the case of any doubt about stamp duty, clarification can be sought from State Stamp Authority and Controller of stamp duty
56.  Banks were nationalized under – Banking Companies (Acquisition and transfer of undertaking) act-1970
57.  When an account shows debit balance, the banker is a creditor and when the account shows credit balance, the banker is the debtor
58.  Partnership firms cannot do the business of banking and it is provided under the banking regulation act 1949
59.  The concept of authorized deduction and illegal deduction is mentioned in the act – Payment of wages act
60.  The process of replacing paper securities into electronic holding of shares is known as – dematerialization
61.  Official Language policy came into force from 16.01.1950
62.  The Central Processing Unit – CPU- consists of control unit and arithmetic logic unit
63.  When the price of  dollar is raised from Rs. 48 to Rs. 55 the exporter will be benefited in terms of rupee
64.  A cheque is the mandate of the accountholder
65.  When a cheque without a date is presented for payment, the banker should return the cheque
66.  In a cheque the name of the banker had been written with or without the words – “Not negotiable” – In this case, it is called as a special crossing
67.  For negotiating a negotiable instrument there are no limits
68.  A bearer cheque is transferable only by delivery
69.  A bill drawn in Paris and drawn in favour of a trader in Mumbai and payable in Chennai is called a foreign bill
70.  The Negotiable Instruments Act provides protection to the collecting banker in respect of Conversion
71.  Crossing of a cheque denotes that it should be paid to a banker only
72.  By noting,  it is meant that the fact of dishonour has been recorded by the notary public on a dishonoured bill or/and on a plain paper attached to the bill
73.  Sericulture is classified under – direct agriculture advance
74.  Mahima relates to refinance by NABARD to banks for onlending  to agencies for marketing of non farm products of rural women
75.  Foreign exchange transactions are viewed always from the angle of the bank
76.  The responsibility of managing the foreign exchange resources lies with – Reserve Bank of India
77.  Exim policy is announced by the Ministry of Commerce
78. In a Free on Board contract, freight and insurance will be borne by the importer
79. If a letter of credit is slient about the revocability, then the letter of credit is irrevocable
80.  Crystalisation of sight export bills purchased/negotiated will be done on the expiry of transit period plus 30 days
81.  A transferable letter of credit can be transferred only once
82.  Natural guardian under Hindu Minority and guardianship act, 1956 will be – his father and after him the mother
83.  For banking transactions, an administrator is one who is appointed by the court if the deceased has died intestate
84.  Banker’s lien is an implied pledge
85.  A contract of insurance is a contract of indemnity
86.  Acceptance of a usance bill will be made on the face of the bill
87.  The right of set-off can be exercised by the banker only when the relationship between the customer and the banker is that of debtor and creditor
88.  Bank must create reserve fund and 25% of the profits should be transferred to this fund before any dividend is declared  and this is as per Banking Regulation act 1949
89. Limitation period for availing the remedy under Section 138 of Negotiable Instruments Act is one month from the date of cause of action
90.  In case the amount of loan to a company is decreased or increased, the memorandum of modification or charge should be  submitted to the Registrar of companies
91.  The rate of revenue stamp is the same throughout India except in Jammu and Kashmir
92.  When articles are kept in safe custody, the relationship between banker and customer is that of  bailee and bailor
93.  In the case of minor’s joint account with the guardian and when the minor attains majority, the guardian should not be allowed to operate the account
94.  Wages of employees are settled under Minimum wages act
95.  CB Bhave committee has looked into ways to reduce cost of demat operations and the said companies should bear a substantial part of dematerialization costs
96.  Basle committee relates to Capital Adequacy
97.  In Camel’s rating – E stands for earnings
98.  The revised definition of a sick SSI unit has been given by Kohli committee
99.  Greenshoe option is retaining the full/part of equity subscribed by investing public over and above that issued
100.Hindi is accepted as an official language of the union under Devanagiri script

No comments

Powered by Blogger.