Rapid revision
Test one fact at a time:open a card, recall the direct answer, then practise it in MCQ format.
According to RBI mandates,
what is the fixed validity period of a cheque calculated from the date printed on the instrument?
If there is a discrepancy between the amount written in words and the amount written in figures on a cheque, which legal rule applies?
Which specific legislation empowers the Reserve Bank of India to regulate payment systems, including cheque clearing rules?
What defines a "Post-Dated Cheque" (PDC)?
Direct Answer
It is dated for a future date and is payable only on or after that date
Which type of cheque is payable specifically to the payee named on the instrument or to a person to whom it has been endorsed?
What is the primary operational implication of the "One National CTS Grid" for cheque clearing in India?
Direct Answer
Every CTS-2010 cheque is treated as a local cheque regardless of location
Prior to the implementation of the National CTS Grid, India's clearing infrastructure was divided into three separate grids based in Delhi, Mumbai, and Chennai.
What is the primary purpose of the "Positive Pay System" (PPS) in the context of cheque clearing?
Direct Answer
To provide a fraud-prevention mechanism where the drawer pre-confirms cheque details