Current Affairs- Important Points- August 31, 2017
1-A company which pools money from investors and invests in stocks, bonds, shares is called Mutual fund
2-When an endorser waives presentment and notice of dishonor he increases his liability. His endorsement is Facultative endorsement
3-Except Promissory Note, examples of Quasi Negotiable Instruments, under the Negotiable Instrument Act, 1881 are Dividend Warrants, Bearer Debentures and Share Warrants
4-Section 131 of Negotiable Instrument Act, 1881 extends protection to the Collecting Banker
5-The validity period of prepaid payment instrument can be maximum six months from the date of activation/issuance to the holder.
6-Promissory note, Bill of exchange, Cheque are negotiable instruments except Bank Draft.
7-Transfer of any instrument in another person by signing on its back or face or on a slip of paper attached to it is known as Endorsement
8-A bill of exchange in which a bank orders its branch or another bank, as the case may be, to pay a specified amount to a specified person or to the order for the specified person is called bank draft.
9- An endorser is the not a party of the bill of exchange except the Drawer, the Drawee, and the Payee
10-SWIFT is owned by Member Banks
11-On the recommendations of Saraf Committee, RBI’s VSAT network called Indian Financial Network (INFINET) has been set up at Hyderabad.
12-The time for banking transactions under RTGS for Saturday day is 8 am to 3:30 pm
13-A bank allows its customers to effect banking transactions through its website such as transfer of funds. It is called Fully transactional websites
14-A bank allows its customers to send instructions to the bank for availing certain services. It is called Simple transactional website
15-Purchase now and pay later, is the feature of Credit card
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