When these cheques are presented, the customer account becomes debit. b. Outward Bills for collection: All the cheques which were delivered by the bank to other banks come under outward clearing and their record is kept in outward clearing book. When these cheques are presented, customer account becomes credit. The cheques presented for clearing are being stamped with Bank Endorsement stamp, Clearing Stamp and the signature at the backside of cheque. 18.104.22.168.
It customarily involves various types of contract, such as, mandate, loan for use, depositum and deposit-taking. The parties to the bank-customer relationship may, depending on the circumstances, fulfil the role of either debtor or creditor. The bank becomes the owner of money that is deposited or paid into the customer’s account. The customer retains a claim or personal right against the bank. This is known as commixtio, whereby the consumer loses ownership of money deposited into the bank because that deposit mixes with other money of different customers.
The debt collector company may keep harassing the hirer by constantly calling him or her day and night to repay the debts, threaten the hirer by saying that if he or she does not pay, his or her account would be frozen, and many more unlawful and unethical acts that could be done to collect the money. As in reality, even though the debt collector company is assumed to be collecting the money on the bank’s behalf ethically, it may be another way round. The debt collector company may keep focusing on collecting the debt using its unethical tactics, ignoring how the customer feels and not being aware of maintaining the bank’s
electronic money consists of two types; the prepaid cards or the prepaid software products. (Implications for central bank of development of E-money) Comparisons between Cash and E-money: Types of E-money: 1- Visa: It was invented to help the consumer to pay for his necessities without having to carry changes (Quarter 1st) 2- ATM ( Automatic Teller Machine): It was invented to help the consumer to perform his banking transactions simply by using his debit card to withdraw cash from his checking or savings account through an ATM machine. the ATM is an electronic machine (found anywhere for the public) connected to a data system which is activated by the bank for the consumer to withdraw cash and to perform other banking service. (El-Gawady) 3- Master card: A master card is named after the small plastic card issued to make electronic purchases. (www.businessranks.com) Credit card : the issuer of the credit card lend money to the consumer, which will be paid later on.
When we add the purchase price of different assets we bought at different periods of time inside the statement of financial position, we are actually adding diverse values. Since the book of accounts does not account for inflation, the accounting data in the accounts book does not show the true and fair value of the financial status of the company. Other than that, monetary measurement concept allows us to know only the information related to monetary value from the accounts book or statement of financial position. We cannot get the information which are not in monetary unit from accounts book or financial statements. For example, we cannot determine whether the company have good or bad employers and employees by looking at the accounts book or statement of financial positions.
They Collect data from business bank and take fundamental choice by two ways-a) bank look at and b) bank regulation. At the point when a bank takes choice for client or others, Central Bank looks at it and gives consent for actualize or kills the undertaking. Central Bank likewise make venture for client and counsel to execute in Other Banks. Advising the Government on Monetary Policy Monetary policy is a most essential issue for financial. The choice on monetary
In this agreement process, the buyer and the seller might not even know whom they had traded with, either being known only to the broker. This the brokers could supervise first and foremost because by now they had become the best in the market and had started trading on their account. They pretended to be undertaking the transactions on behalf of a bank. Bank receipt (BR) fraud was also used. In a ready forward deal, securities were not moved back and forth in reality.
• Investors can also issue a letter from the bank on its letterhead certifying that the unit holder maintains/maintained an account with the bank. The letter must also contain the bank account information such as bank account number, bank branch, account type, MICR code of the branch and IFSC Code. The letter should be certified by the bank manager with their full signature, name, employee code, bank seal, and contact number. • A common but solid proof can be the copy of the bank pass book or an account statement mentioning the name and address of the account holder and account number. In either case, the copies should be certified by the bank manager with his full signature, name, employee code, bank seal, and contact number.
Besides that, investment and debt management is also one of the functions of treasury management towards banking institution in which it deals with investment in issuance of securities and the sale and redemption of the securities instruments. Treasury management allows the banks to have a view of the market positions and access to the stock market information, foreign exchange rate and other financial information. The treasury system support and provide guidance to the banks in these areas. In addition, financial risk management is the functions of banking treasury too which it involves in assessing the liquidity, credit, interest rate, currency and stock market risk. The treasury management helps in reducing the credit risk by analyzing the creditworthiness of the business partners and interest rate risk is reduced by
In case of concentration banking cheques are received by collection centres who, after processing, deposit them in the local bank accounts. Thus, there is time gap between actual receipt of cheques by a collection centre and its actual depositing in the local bank account. Lock-box system has been devised to eliminate delay on account of this time gap. According to this system, the firm hires a post-office box and instructs its customers to mail their remittances to the box. The firm’s local bank is given the authority to pick the remittances directly from the post-office box.