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Question
Imagine the case of a cobbler who has been offered an order of supplying 50 slippers from a local dealer. Since the cobbler does not hold a bank account the local dealer promises to pay the cobbler through X. Identify X.
Imagine the case of a cobbler who has been offered an order of supplying 50 slippers from a local dealer. Since the cobbler does not hold a bank account the local dealer promises to pay the cobbler through X. Identify X.
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Solution
The correct option is D Demand draft
A demand draft is an instrument that guarantees a certain amount of payment to the payee or the person whose name is mentioned on the demand draft. Interestingly, the demand draft allows the payee to withdraw money without holding a bank account. In other words, non-account holders can enjoy the privilege of withdrawing cash from the banks.
A demand draft is an instrument that guarantees a certain amount of payment to the payee or the person whose name is mentioned on the demand draft. Interestingly, the demand draft allows the payee to withdraw money without holding a bank account. In other words, non-account holders can enjoy the privilege of withdrawing cash from the banks.
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