Bouncing of cheques has become an offence. What is the punishment for the same?

Bouncing of cheques has become an offence. What is the punishment for the same?
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6 months imprisonment
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Last Answer : (2) MICR Explanation: Magnetic Ink Character Recognition, or MICR, is a character recognition technology used primarily by the banking industry to facilitate the processing of cheques and makes up the ... are printed in special typefaces with a magnetic ink or toner, usually containing iron oxide.

The law regarding negotiable instruments is contained in __________ A. The Bill of exchange Act 1881 B. The Banking Regulation Act 1949 C. Cheques Act, 1881 D. The Negotiable Instruments Act, 1881

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Last Answer : D. The Negotiable Instruments Act, 1881 Explanation: The Negotiable Instruments Act, 1881 – An Act to define and Law relating to negotiable instruments which are Promissory Notes, Bills of Exchange and cheques.

Alterations, if any, on cheques are required to be authenticated by the signature of _______ A. Payee B. Depositor C. Drawer D. Endorse E. All of the above

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What is difference between banks & HFCs? A. HFCs cannot accept demand deposits B. It cannot issue cheques drawn on itself C. deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available to depositors of HFCs D. All of the Above E. None of the Above

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Which of the following section of Negotiable Instruments Act, 1881 deals with Cheques? A. Section 4 B. Section 5 C. Section 6 D. Section 7 E. None of the Above

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Last Answer : C. Section 6 Explanation: The section 6 of the Negotiable Instruments Act, 1881 deals with Cheques.

Money order payable to a person who is not permanent resident within the jurisdiction of office of payment a) Will not be paid b) Payment will be made only through cheques c) Payment will be made only by the postmaster d) Can be paid in the normal course on satisfactory proof of identity of the person in the MO

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Last Answer : d) Can be paid in the normal course on satisfactory proof of identity of the person in the MO

ACG 28 denotes ----------- a. Register of dishonoured Cheque b. Register of cheques received and cleared c. None of these

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Last Answer : b. Register of cheques received and cleared

Q6 All cheques , Bills etc preferable at a treasury for payment being non negotiable instruments can be endorsed only once .The above said statement isa. True b. False

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Which of the following is known as plastic money ? 1. bearer cheques 2. credit cards 3. demand dreafts 4. gift cheques 5. None of these

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Last Answer : credit cards

E‐cheques are ………………… a.Prepaid b.Postpaid c. Both prepaid and postpaid

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Last Answer : a.Prepaid

If you want to ensure that your money will be secured if cheques sent are wasted in the post, you should A) Always pay by cash B) Cross your Cheques ‘Account Payee only, Not Negotiable.’ C) Always get the money in person D) Not use the postal service in future

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Last Answer : Answer: B

The bank cheques are processed by using (1) OCR (2) MICR (3) OMR (4) PMR

Description : The bank cheques are processed by using (1) OCR (2) MICR (3) OMR (4) PMR 

Last Answer : MICR

Bank money refers to (1) currency notes (2) coins (3) gold bullions (4) cheques

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Last Answer : cheques

“Legal Tender Money” refers to : (1) Cheques (2) Drafts (3) Bill of exchange (4) Currency notes

Description : “Legal Tender Money” refers to : (1) Cheques (2) Drafts (3) Bill of exchange (4) Currency notes

Last Answer : Currency notes

The permission given to a bank customer to draw cheques in excess of his current account balance is called (1) a personal loan (2) an ordinary loan (3) discounting a bill of exchange (4) an overdraft

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Last Answer : an overdraft

In processing of cheques which of the following technology is helpful to the banks ?

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