Current Affairs- Important Points- August 31, 2017

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Current Affairs- Important Points- August 31, 2017


1-A company which pools money from investors and invests in stocks, bonds, shares is called Mutual fund


2-When an endorser waives presentment and notice of dishonor he increases his liability. His endorsement is Facultative endorsement


3-Except Promissory Note, examples of Quasi Negotiable Instruments, under the Negotiable Instrument Act, 1881 are Dividend Warrants, Bearer Debentures and Share Warrants



4-Section 131 of Negotiable Instrument Act, 1881 extends protection to the Collecting Banker


5-The validity period of prepaid payment instrument can be maximum six months from the date of activation/issuance to the holder.


6-Promissory note, Bill of exchange, Cheque are negotiable instruments except Bank Draft.


7-Transfer of any instrument in another person by signing on its back or face or on a slip of paper attached to it is known as Endorsement


8-A bill of exchange in which a bank orders its branch or another bank, as the case may be, to pay a specified amount to a specified person or to the order for the specified person is called bank draft.


9- An endorser is the not a party of the bill of exchange except the Drawer, the Drawee, and the Payee


10-SWIFT is owned by Member Banks


11-On the recommendations of Saraf Committee, RBI’s VSAT network called Indian Financial Network (INFINET) has been set up at Hyderabad.


12-The time for banking transactions under RTGS for Saturday day is 8 am to 3:30 pm


13-A bank allows its customers to effect banking transactions through its website such as transfer of funds. It is called Fully transactional websites


14-A bank allows its customers to send instructions to the bank for availing certain services. It is called Simple transactional website


15-Purchase now and pay later, is the feature of Credit card


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