RIGHTS AND DUTIES OF BANKER AND CUSTOMER
Banking, Business

RIGHTS AND DUTIES OF BANKER AND CUSTOMER

Right and Duties of Customers: (DUTIES) 1. Banking Hours: A customer must present cheques for payment and collection during banking hours. 2. Out-Dated Cheque: A customer is required to present cheques for payment before they become stale or outdated. 3. Unauthorized Person: A customer should keep his Cheque Book under lock and key, so that it may not go into…

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Difference Between Pledge, Hypothecation & Mortgage
Banking, Business, Commerce

Difference Between Pledge, Hypothecation and Mortgage

Pledge: Pledge is an actual delivery of rights (documents) as well as the possession of the goods/property to the. bank against certain loan. The ownership of the property remains with the pledger (customer). In case of non-payment the banker serves a notice for the fact and afterwards can sell the goods. Hypothecation: In case of hypothecation goods are made available…

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Types of Customers in Bank
Banking, Business

Types of Customers in Bank

Following are the major kinds of bank’s customer. Individual Customer Joint Customer Trustee Business Organizations Non-Trading Concerns Government Organization 1. Individual Customer: Any person literate or illiterate but not a lunatic, mental patient, drug addict or bankrupt etc. can open an account with bank. The bank demands a photograph from an illiterate person and he also requires thumb expression on…

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MONETARY POLICY VS FISCAL POLICY
Banking, Business, Commerce, Differences, Economics

MONETARY POLICY VS FISCAL POLICY

MONETARY POLICY NEED FOR: If the monetary system of the country is unorganized then the balance of demand and supply of credit disturbs. Due to which the economic system of the country faces many difficulties. If the amount of credit increases in any country the country becomes inflation stricken, which leads to the problem of dearness. However, if the amount…

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Central Bank and Commercial Bank
Banking, Business

Difference Between Central Bank and Commercial Bank

Central Bank: Central bank is an institution which is charged with the responsibility of managing the expansion and contraction of currency and credit for the maximum welfare of the country. Central bank basically works for the fulfilment of financial needs, economic stability and for the growth of banking system. The objective of central bank is not to earn the profit…

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Primary Industry and Secondary Industry
Business, Commerce

Primary Industry and Secondary Industry

Industry is that part of business which connected with the production of goods and services. It is a place where the raw material is converted into finished or semi-finished goods which have the ability to satisfy human needs or can be used in another industry as basic material. Owner of the industry who is engaged in the work of production…

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Difference Between illegal Agreement and Void Agreement?
Business, Differences, Law

Difference Between illegal Agreement and Void Agreement?

ILLEGAL AGREEMENT VS VOID AGREEMENT   ILLEGAL AGREEMENT VOID AGREEMENT 1. PROHIBITED It is prohibited by law. It is not prohibited by law 2. PUNISHABLE The parties are punishable. The parties are not punishable. 3. NATURE illegal agreement is void agreement from the beginning. A void agreement is not illegal agreement. 4. OBJECT The object or motive of illegal agreement…

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