Advantages And Disadvantages Of Pay Order Instrument
• Demand Draft: It is an order of one branch to the other branch of the same bank to pay a certain amount mentioned on the D.D to the person named in it. It is an intercity transfer of funds. For the preparation of a draft, first the customer fills an application form and then the concerned bank officer fills the information in computer software and prints the demand draft.
• Telegraphic Transfer: A telegraphic transfer is a fastest and safest way to transfer money. After filling the application form, the concerned officer fills the telegraphic form. This telegram is sent to the required bank. Which on receiving it immediately makes the payment to the customer and afterwards the vouchers are sent to the bank by ordinary mail.
• Pay Order: Pay order is the intra city mode of transferring funds. It’s a Cheque drawn by the bank on itself. There three parties involved in the pay order instrument are; purchaser, Bank, receiver. It can be purchased by any customer.
• Outward Bills for Collection: The bills which the Bank sends to the other bank in intra or
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Now such cases are to be dealt by clearing department that gathers all such cheques and later on verifies the account and clear the amount from the correspondent bank. This overall process is termed as clearing. The clearing house is place where different ambassadors of various banks exchange the instruments. Initially the bank used to perform this activity themselves. But now, National Institutional Facilitation Technologies (NIFT) is performing this operation among about 40 different Banks, 8382 Bank branches in 273 major cities of Pakistan. The NIFT has made the operation much easier and quick. The services include cheques clearing, reconciliation, 'return' (unpaid) cheques processing, same day clearing and intercity clearing, inter branch and interbank
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