This article throws light upon the top seven credit instruments of a bank. The instruments are: 1. Cheque 2. Hundi 3. Bank Draft 4. Bill of Exchange 5. Promissory Note 6. Trade Bills 7. Accommodation Bills. Credit Instrument # 1. Cheque: According to Section 6 of the Negotiable Instrument Act, 1881, "A cheque is a bill of exchange drawn upon [...]
This article will help you to learn about the between a bill of exchange and a cheque. Difference between Bill of Exchange and Cheque Bill of Exchange 1. Drawn On: It is usually drawn on any person. 2. Acceptance: Acceptance of bill of exchange is necessary before its payment can be claimed. 3. Days of Grace: Three days of grace [...]
After reading this article you will learn about:- 1. Origin and Development of Bank 2. Meaning and Definition of Bank 3. Classification 4. Functions 5. Advantages or Importance. Origin and Development of Bank: There is no unanimity of opinions about the origin of the word 'Bank'. According to some monetary experts, the word 'Bank' is derived from 'Banco'. 'Bancus', 'Banque' [...]