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Business Services-2 — OCM STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceOCMBusiness Services-22 Marks
Question
Describe the function of issuing draft.
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Answer

  • Draft is a cheque written by one hank to the branch of another bank. It carried the order to pay the amount to the person whose name is mentioned.
  • Bank issues draft to the person only after receiving money and commission from the customer. Draft is A/c.
  • Payee means it is made in the name of the account holder and the amount is deposited in the account of the concerned person.
  • The amount of draft is already paid in the bank so there is no question of returning the same.

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