Banking is accepting for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise and withdrawable by cheque, draft or otherwise.
In literal sense, the word ‘endorsement’ means, writing on back of an instrument. However under Negotiable Instruments Act 1881, it means, writing of one’s name on the back of instrument or any paper affixed to it with the intent of transferring the rights within.
Ambiguous Instruments is defined in Section 17 of Negotiable instruments Act, 1881. Ambiguous Instrument is an instrument, which in form is such that it may either be treated by holder as a note or as a bill.
Collecting Banker is the one who accumulates the proceeds of a cheque for the customer. Even though a banker gathers the proceeds of a cheque for the customer solely as a matter of service, hitherto the Negotiable Instruments Act, 1881 ultimately inflicts obligation, statutory in nature.
Payment in due Course
Any person legally responsible to make payment under negotiable instrument must make the payment of the amount due under in due course with the purpose of obtaining a valid discharge against the holder.
Protection of Paying Banker (Sections 10, 85 and 128)
A cheque initially articulated by the drawer himself to be payable to bearer, the banker may disregard any endorsement on cheque. He will be released by payment in due course.
The word “customer” is neither explained in Indian statute nor in English statutes. The common outlook is that a customer is one who has his account with bank or who utilizes the services of the bank.
A bill of exchange is at times referred to as a draft. It is known as a bank draft when a bill of exchange drawn by one bank or another bank or by itself on its own branch, & is regarded as a negotiable instrument.
Theory of Market
Market is a place where forces of demand and supply operate.
Theory of Distribution
Distribution refers to the way total output, income, or wealth is distributed among individuals or among the factors of production such as labour, land, and capital.
Theory of Demand
One of the most fundamental building blocks of economics is the law of demand.
A promissory note is an instrument in writing containing an unconditional undertaking, signed by the maker, to pay a certain sum of money to or to the order of a certain person, or to the bearer of the instruments.
Definition of Cheque
A cheque is a bill of exchange drawn on a specified banker, and not expressed to be payable otherwise than on demand.
Bill of Exchange
A bill of exchange is an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of a certain person or to the bearer of the instrument.
Characteristics of Negotiable Instruments
As per Section 13(a) of the Act, “Negotiable instrument means a promissory note, bill of exchange or cheque payable either to order or to bearer, whether the word “order” or “ bearer” appear on the instrument or not.”
Industry-types, policies and plans
A large number of industries has been established in the post-independence India in private, public and joint sectors.
Theory of Production and Cost
An economic unit engaged in the production of one of more economic goods or services is a business firm.
Negotiable Instruments Act
In India, the Negotiable Instruments Act was enacted in the year 1881. Before its enactment, the provision of English Negotiable Instrument Act was relevant in India, and the present Act is also based on English Act with certain amendments.
Monetary Policy of RBI
The monetary policy can be defined as a regulatory policy whereby the central bank upholds its control over money supply for the comprehension of general economic goals.
A Direct tax can be defined as a kind of charge, which is enforced directly on the tax-payer & paid directly to the government by persons (juristic or natural) on whom it is insisted upon.