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Banking Awareness Questions - 25th August 2014
191. Clayton's Rule applies to: Answer: appropriation of payments.
192. Vostro account means : Answer: Foreign Bank's A/c with us.
193. RFC ale can be opened by: Answer: home returned NRls.
194. Guarantees covering series of transactions : Answer: Continuing Guarantees.
195. Buyer takes possession of goods and enjoys as Sole Owner of goods although price of goods not fully paid : Answer: Hire Purchase.
196. As per Sec. 26 NI Act, Minor may draw, endorse, deliver, Negotiable Instrument so as to bind all parties except himself : Answer: True.
197. Mr. A, a current A/c holder executed a power of attorney in favour of Mr. B to operate Current Deposit A/c. Mr. A's death notice is served on the Banker. A cheque duly signed by Mr. B. is received for payment the Bank has to: Answer: Dishonour the Cheque.
198. Mr B opened an account on 12.04.09, got issued cheque book on 17.04.09. A cheque dated 10.04.09 is presented for payment, what will be the fate of the cheque: Answer: The Cheque will be paid if otherwise in order.
199. Contract of Insurance is an : Answer: indemnity contract.
200. Bailment is defined in : Answer: Indian Contract Act Sec. 148.
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