Which of the following describes restrictive crossing under the Negotiable Instruments Act, 1881?
The Banking Ombudsman Scheme enables an expeditious and inexpensive forum to bank customers for resolution of complaints relating to certain services rendered by banks. The Banking Ombudsman Scheme is introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from 1995.
In regard to all first resort complaints forwarded by the Banking Ombudsman Offices the banks are expected to redress the grievances in the shortest possible time, but within t------------- days.
As per amendments in Mission Empowerment: use of BC & BF’s,
he concept of HUF under Hindu law as well as Income-tax Act, 1961 is the same. UF is purely a creature of law and cannot be created by an act of parties (except in case of adoption and reunion). A HUF is a fluctuating body, its size increases with birth of a male member in the family and decreases on death of a member of the family. Females go and come into HUF on marriage. In case of a sole male Hindu, strictly speaking, a HUF comes to existence automatically upon his marriage. It has been held that to constitute a joint Hindu family, it is not necessary that there has to be more than one coparcener in the family; a husband and wife can validly constitute a HUF.
The liability of a minor co-parcener in an HUF, for the acts of a Karta is:
A”Garnishee Order” is an order issued by competent Court or authority ordering the ‘debtor’ not
to pay the debt to the creditor but it should be paid to the court to satisfy the claim entertained by it.
The essentials of Garnishee Order are that:
i) it should be issued by competent Court or authority
ii) it should be issued to debtor
iii) it must contain a warning to ‘debtor’ not to pay the debt to the creditor
iv) it must contain a direction to the ‘debtor’ to pay the debt into Court or to authority
An attachment order is received from Income Tax Officer for attaching funds lying in saving bank account of a person. In case, the bank fails to execute this order u/s 226 (3) of Income Tax Act:
Which of the following statements is not true?
ABC Bank had opened a saving bank account in the name of Mr. Subramanian and Murlidhar operated as `former or survivor’. The wife of Mr. Subramanian, who is nominee in the account comes to your branch and informs you that Mr. Subramanian has expired a month back. She also hands over the death certificate and requests for payment of the balance. (From MT's confirmation Test)
On 19th May, 2009, Godhra branch of Nav Yug Bank Ltd. received a Garnishee Order attaching all sums owned by the bank to their customer named Rahul. At the time of the receipt of the order, Rahul has got the following accounts
In view of the Garnishee Order, which of the following cannot be attached at all?
(i) A current account in the name of Rahul with a balance of Rs.3,000. The sum of Rs.500 representing a cheque on another bank which has been sent earlier in the day for collection through clearing but which has not been realised, is included in the said balance of Rs.3,000.
(ii) A fixed deposit for Rs.5,000 deposited on 20th May, 2009 for one year in the name of Rahul and maturing for payment on 20th May, 2010; and your bank has given an advance of Rs.4,000 to Rahul against the said fixed deposit.
(iii) A joint current account along with Rita, wife of Rahul, with a balance of Rs.7,500. Rita is a house-wife and non-working lady with no independent income.
(iv) An overdue unsecured loan account in the name of Rahul, wherein he owes the bank Rs.1,000.
Your branch is having a fixed deposit receipt of Rs.2 lac in the name of B, which is to mature after one year. B defaults in payment of loan. The right of set-off can be exercised for a loan against fixed deposit receipt:
Intt. in SF account is calculated on:
A gives a mandate in favour of B to operate his account and later on a power of attorney is executed by A in favour his wife. In the case.
For door-step banking by banks, RBI has issued directives under which of the following Acts:
A holder for value is a bank, which :
"Not negotiable” crossing means:
What is the maximum time available to a customer for lodging complaint to Ombudsman:
Gupta and Sons, an HUF, maintain a current account. The Karta of the HUF dies and leaves behind three family members i.e. his wife and two minor sons. How will you deal with the account:
The holder of a negotiable instrument is a “holder in due course” if:
Bailor-bailee relationship is applicable in:
In a real time gross settlement system, which is true with regard to the transmission, processing and settlement of instruction
Banks cannot accept FCNR B deposits in -----
Which of the following statement is True:
‘PIN’ in a ATM card is :
Sec 85 of NI Act,1881 extends protection to the
Under ---------- act, a copy of an entry in a banker’s records,
certified by an officer of a bank may be treated as
prima facie evidence of a corresponding transaction in any
Rule in clayton’s case is an example of:
One of the key area of Asset Liability Mangement of banks
is the interest management. Banks analyse
interest trends based on:
Which of the following statements is not true with respect to the obligations of a bank?
Under the Negotiable Instruments Act, 1881, when a negotiable instrument is delivered
conditionally or for a special purpose as a collateral security or for safe custody only, and not for
the purpose of transferring absolutely property therein, it is called an
Ananth signed as maker of a promissory note, a blank stamped paper and gave it to Bhushan and
authorized him to fill it as a promissory note for Rs.500. Bhushan fraudulently filled it up as a
promissory note for Rs.1,000 and endorsed it in favour of Chinmay, who in good faith advanced
Rs.1,000. Can Chinmay, as a holder in due course recover Rs.1,000 from Ananth under the
Negotiable Instruments Act, 1881?
Which of the following statements is false under the Negotiable Instruments Act, 1881?
Mukesh stole a cheque that was payable to bearer and crossed generally with the words ‘not
negotiable’ and indorsed the cheque in favour of Manohar, who took it in good faith and for
valuable consideration. Manohar deposited the cheque into his bank account and the cheque was
duly collected by his bank. Which of the following statements is true in respect of the recovery of
money by the true owner of the cheque under the Negotiable Instruments Act, 1881?
Under which of the following circumstances, notice of dishonour is considered necessary under
the Negotiable Instruments Act, 1881?
Which of the following is not considered as a payment in due course under the Negotiable
Instruments Act, 1881?
Prakash has drawn a bill of exchange, payable after four months. The maturity date of the bill falls
on January 26, 2010 (Republic Day). Under the Negotiable Instruments Act, 1881, the bill shall be
deemed to be due on
In which of the following situations a maker, acceptor or indorser is not discharged from the
liability under the Negotiable Instruments Act, 1881?
Nagesh, Narsimsha and Krishna started a business as a Limited Liability Partnership (LLP). One of the
partners incurs a liability and misappropriates the money and at that time the assets of the partnership
are insufficient to meet the liabilities of the firm. Which of the following statements is true in respect
of the liability of the partners of a LLP in such a situation?
Which of the following statemen t about the credit control measures of Reserve Bank of India is false?
What is INSTATICKET?
FCRA stands for:
WHICH OF THE FOLLOWING STATEMENTS IN INCORRECTIN RESPECT OF PUNJAB NATIONAL BANK FY 2009-10?
Fr the purpose of implementation of kyc guidelines the definition of a customer is