|
Friends, Updating here the recollected questions from May 2016 Exams. Wish you all the very best for your exam.
..................................................................................................
E filing system in charge registration
........................................
Contract two to three questions
........................................
SARFAESI act applicability
........................................
DRT Applicability
........................................
Banking omb
........................................
According to tax lawas income definition
........................................
Major powers of RBI
........................................
Rti act
........................................
Law of limited for foreclosure of mortgage
........................................
What is called judgment of Banking ombdsuman is.Award
........................................
Indemnity
security or protection against a loss or other financial burden.
security against or exemption from legal responsibility for one's actions.
........................................
Deferred payment guarantees
The bank at request of customer issues such Bank Guarantee when he purchases goods or machinaries from a creditor on the terms of payment after a specified time in lump sum or in instalments. The creditor requires such deferred payment terms to be guaranteed by the bankers of the principal debtor. Such a Bank Guarantee contain an undertaking by the banker that that deferred payment shall be made by the principal debtor, failing which the banker shall pay the amount to the creditor. These types of guarantees normally arise in the case of purchases of machinery or such capital equipment by industries or other party/ies. The manufacturer or its agent applies the machinery against cash payment say 10% to 15% & obtains accepted bills for the balance amount by purchaser’s banker for deferred period say 3 to 5 years
........................................
Bill of exchange
This is a financial document. Payment is made on this document. This for brevity sake is called 'bill' and is sometimes referred to as 'draft' (to be distinguished from a 'demand draft'). In a letter of credit transaction the right to draw a bill is conferred only on the beneficiary. The bill amount should be within the limit fixed in the letter of credit. The tenor, endorsement and the drawee should be the same as given in the letter of credit. This document should be distinguished from 'bills of lading', which is a transport document and is discussed later on in this chapter. Bills or drafts can be payable on presentation (sight bills) or on a certain date (usance bill).
........................................
Company limited by guarantee
Where the liability of the members of the company is limited by the memorandum of association to such an amount as the members undertake to contribute to the assets of the company in the event of the liquidation of the company, the company is known as a company limited by guarantee. In other words, in such a company each member promises to pay a fixed sum of money in case of its winding up. The amount is called the guarantee. A guarantee company may or may not have a share capital. A guarantee company must have articles of association. If such a company has a share capital then each member is required to pay the amount of the fixed share capital as in the case of a company limited by shares in addition to the guarantee. Thus the liability is restricted to the amount of the share capital plus the amount of guarantee. Such a company may also be a private company or a public company.
........................................
|
