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Banking Awareness - Promissory Note V/S Bill Of Exchange

We are providing a helping tool to empower you to prepare for your internal promotion exam and for general banking awareness with a new innovative and time saving techniques.

The pattern of internal promotion exam in banks is generally of Multiple-choice Questions i.e. you have to select one correct answer form the available 4/5 options. The answer option / choices given are so confusing that you spends your valuable time on reading the question and choices 2/3 times. The conventional way of preparation of such exams says that to practice the multi choice questions whereas in our this helping tool there is no choice of answer is provided with the intention you should not spend your time to read the answer choices and think over that which one answer may or may not be the correct answer, but we would like that after reading the question, you try instantly to give correct answer / learn the correct answer and spend your valuable time in only practicing you in such a manner that in just reading a question to find out the correct answer that you know from the options / choices given in the exam.

We understand that for a sincere bank employee who comes with a tiresome mind at home and it is quite difficult to get daily a sufficient time for preparation for internal promotion exam.

We have provided here five questions on one page with the intention that if you get at least 5 minutes time wherever you are and have an access of internet over computer / mobile / tablet, you may practice at least five questions in one go.

We are sure that you will learn much faster and in better way than the conventional methods (learn by multi choices) of learning to crack the exam easily and effortlessly

Promissory Note V/S Bill Of Exchange

1PartiesThere are two parties viz., maker or promisor and payee or promiseThere are three parties viz., drawer ,drawee and payee
2Nature of PaymentThere is an unconditional promise to payThere is an unconditional order to pay
3AcceptanceIt is payable by the person who makes it. Therfore, no acceptance is necessaryIt is payable by the drawer the person directed to pay (i.e drawee). Therfore it should be preseted to the drawee for acceptance
4 NoticeIn case of dishonor, no notice of dishonor is necessaryNotice of dishonor must be given to all parties liable.
5Liability The maker of the promissory note is primarily and absolutely liable to the payee. Promisor stands for immediate relation to payeeMaker of the bill of exchange is secondary liable to payee. He becomes liable only when the drawee refuses to honor the bill
6 Payable to makerA note can not be payable to maker himselfThe drawer and payee may be one and same person
7 ProtestNo protest is requiredA foreign bill must be compulsorily protested for dishonor where ever required by law.
8 Payable to bearer As per Reserve Bank of India Act, 1934, a note cannot be payable to bearer Can be payable to bearer

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616263646566 Promissory Note V/S Bill Of ExchangeNew Pages 62 to 66 added on 13.04.2014

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