holiday, it is to be paid on the preceeding working day. When emergency holidays are declared for reasons like death of a leader in power, natural calamities, strike, election day and so on, day should be made a public holiday. So that negotiable instruments maturing on the day can be paid on the next working day. In other words, it implies that negotiable instruments maturing on the date of emergency holiday should be paid on the next day.
MICR – Magnetic Ink Character Recognition MICR code is a character - recognition technology used mainly by the banking industry to ease processing and clearance of cheques and other documents. It is found at the bottom of the cheque. It includes bank code, bank account number, cheque number, cheque amount and a control indicator. The MICR code helps the banker to ensure the legitimacy or originality of paper documents.
The special ink used in the MICR code is sensitive to magnetic fields. It prevents the crime of printing counterfeit cheques or documents using technology. The magnetic ink will help discover fake documents. IFSC – Indian Financial System Code IFSC code is an alphanumeric code which facilitates electronic fund transfer in India.
This code uniquely identifies each bank branch participating in the two main Payment and Settlement systems in India. The Real Time Gross Settlement(RTGS) and the National Electronic Fund Transfer (NEFT) systems. IFSC is a character code. The first alphabetic characters represent the bank name and the last characters (usually numeric) represent the branch.
The fifth character is and reserved for future use. This code routes the messages to the destination banks or branch. The format of IFSC code is given below: Bank Code Branch Code 12th Commerce Unit - - . .
AM Types of Endorsement Meaning Specimen . Endorsement in blank or general endorsement When the endorser puts his mere signature on the back of an instrument without mentioning the name of the person to whom the endorsement is made, it is called