character recognition (MICR) is a character-recognition technology used mainly by the banking industry to ease the processing and clearance of cheques and other documents. The MICR encoding‚ called the MICR line‚ is at the bottom of cheques and other vouchers and typically includes the document-type indicator‚ bank code‚ bank account number‚ cheque number‚ cheque amount‚ and a control indicator. The technology allows MICR readers to scan and read the information directly into a data-collection device
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Introduction Now the world became dynamic. Nobody in this competitive arena will be successful until he is not linked with practical orientation. So in this regard internship program provides a good hope to connect the theoretical knowledge with practical knowledge. Banks are the major financial institutions which intermediate between actual lenders and actual borrowers. For this intermediation‚ banks are to play actual lenders and charge actual borrowers. This internship report on Jamuna Bank
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Banking Operations Manual Banking Operations Manual THE A.P. STATE CO.OPERATIVE BANK LTD TROOP BAZAR :: HYDERABAD _________________________________________________ Vol. I 1 Banking Operations Manual PREFACE This Banking Operations Manual is prepared with a view to provide a ready guide to the officers and staff of the Bank – Andhra Pradesh State Cooperative Bank (APCOB) - in day-to-day banking operations. The Manual is prepared based on the extant banking law‚ practices and is an
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for three months and prepared a report on “The Internship Report: Lacking of Clearing Cheque Process”. However I believe‚ this will say about my effort which I had in preparing this report. EXECUTIVE SUMMARY This study is conducted with two principal aims‚ finally to know about the bank’s background and second is to theoretical and practical known how that how a bank basically does their Clearing Cheque process and the effectiveness of that process. Therefore it is hoped that this study
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all may be able to understand the meaning of negotiable instruments; identify the various features of negotiable instruments; describe the various types of negotiable instruments; and differentiate between bills of exchange‚ promissory notes‚ and cheques. Law of Negotiable Instruments 1881 1. Introduction: Exchange of goods and services is the basis of every business activity. Goods are bought and sold for cash as well as on credit. All these transactions require flow of cash either immediately
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will further discuss three types of negotiable instruments. a) Scenario Ms Ednah worked as a civil servant throughout her life until she recently retired. She was given her benefit using a cheque from Vilimo Bank. She wants to know the relationship she has with the bank she intends to deposit the cheque with and whether herself and the bank have any rights and duties to each other. A bank is a dealer in capital or money. The Banking and Financial Services Act defines a bank as a company
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Table of Contents EVOLUTION OF TRADE AND COMMERCE LEADING TO THE INTRODUCTION OF NEGOTIABLE INSTRUMENTS. The world as a whole has been the “cradle of commerce” because this exchange is not only between individuals but also between peoples and nations. This naturally implies the existence of: CERTAIN SURPLUS OF WEALTH CERTAIN PROVISION FOR COMMUNICATION Both of which are essential for growth of commerce. Unless there is a surplus of wealth and provision for communication
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“Negotiable instrument means a promissory note‚ bill of exchange or cheque payable either to order or to bearer‚ whether the word “order” or “ bearer” appear on the instrument or not.” A negotiable instrument is a document guaranteeing the payment of a specific amount of money‚ either on demand‚ or at a set time‚ with the payer named on the document. Examples of negotiable instruments include promissory notes‚ bills of exchange‚ and cheques. PROMISSORY NOTE A promissory note may be a negotiable
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duties. Failure to adhere to the Procedures is a serious matter and will be dealt with in line with the University’s Disciplinary Policy. Cash throughout this procedure document not only relates to GBP notes and coins but also to foreign currency‚ cheques‚ credit card transactions‚ bank drafts and postal orders. This procedure document applies to all locations where cash is collected and it applies to the University and its subsidiary companies. The GCU Financial Procedures extract at Appendix 1 provides
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OA Exams 1 December 2‚ 2009 1. (a) As a clerk in the records management office‚ one of your duties is to order equipment and supplies for your office. (i) State the purpose of EACH of the following pieces of equipment in the records management department: * Filing cabinets * Photocopiers * Computers (3 marks) (ii) List FOUR important types of supplies used in the storage of records. (4 marks) (b) State what action should be taken by the secretary of the relevant department in EACH
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