This article throws light upon the six main types of electronic based payment systems used in India. The types are: 1. Retail Payment Systems 2. Electronic Retail Payment Instruments 3. Card Based Payment System 4. Real Time Gross Settlement System 5. High Value Clearing Systems 6. NEFT. Type # 1. Retail Payment Systems: Retail payments are transactions which can typically [...]
After reading this article you will learn about:- 1. Meaning of a Cheque 2. Parties to a Cheque 3. Format 4. Importance in Payment System. Meaning of a Cheque: A cheque is a negotiable instrument instructing a financial Institution to pay a specific amount of specific currency from a specific demand account held in the name of the maker/depositor's name [...]
This article throws light upon the four types of crossing of a cheque. The types are: 1. Cheques Crossed Generally 2. Crossing after Issue 3. Antedated Cheque 4. Post Dated Cheque. Type # 1. Cheques Crossed Generally: The cheque bearing across its face an addition of the words 'and company' or any abbreviations thereof between two parallel transverse lines, with [...]