Banking and Cash Transactions

“Bankers' books” include ledgers, day-books, cash-books, account-books and all other records used in the ordinary business of the bank, whether these records are kept in written form or stored in a micro film, magnetic tape or in any other form of mechanical or electronic data retrieval mechanism, either onsite or at any offsite location including a back-up or disaster recovery site or both. Thus, all the statements are correct.

The due date for payment of service tax is 6th day of the month following the relevant month/quarter, if electronically paid and in other cases, 5th day of the month following the relevant month/quarter. It is provided under section 75 of the Finance Act, 1994 that in case of delayed payments (after due date), the assessee is required to pay simple interest at the rate prescribed.

Bank is always liable to the person whomsoever the check is favourable to, not the bearer. Thus, in the given case, the bank is liable to X. 

The bank is not liable because X had given specific authority to Y to use his personal account also.

Advising bank advises the letter of credit to the exporter at the request of the issuing bank. Advising banks act upon issuing bank's request advising the letters of credit to the beneficiaries. Once the letter of credit is issued, it must be conveyed to the importer.

The bank will get the title of holder in due course, the bank will become the payee and not the drawer. The bank will receive the full payment, no amount as interest will be deducted. 

The person requesting for information has to pay the prescribed fee, which cannot be in the form of cheque, be it from the account of the information seeker.

Both of the cheques will be returned because both the cheques are signed by Amit Kumar before the Power of Attorney was transferred. 

Only the cheques which are signed after the power of attorney has been transferred will be acceptable.

Gift cheques are instruments issued by banks that can be purchased by anyone - both existing customers and non-customers alike. They are typically used as gifts and the purchaser does not need to have an account relationship with the issuing bank.

When a banker receives information about a lost draft from the purchaser, they should exercise extreme caution but cannot automatically stop payment without proper procedure and verification. The banker must verify the claim, follow established protocols for lost instruments, and protect both parties' interests while preventing fraud.

When a customer needs urgent money but has fixed deposits, closing before maturity causes interest penalty. The best option is to take a loan against the fixed deposit, which allows the customer to access funds while the deposit continues to earn interest (though loan interest is usually charged at a slightly higher rate than deposit rate).

Banks generally refuse to issue bearer demand drafts due to security and fraud prevention concerns. Bearer instruments can be cashed by anyone holding them, creating money laundering and theft risks. Bank drafts are typically issued as 'order' instruments payable to a specific payee, with 'bearer' strictly avoided.

A cheque is a negotiable instrument as it meets all requirements: it's in writing, signed by the drawer, contains an unconditional order to pay a specified sum, is payable on demand, and is payable to order or bearer. Fixed deposit receipts, passbooks, and gift coupons do not have negotiability characteristics.