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A sahyog hundi passes from one hand to another until it reaches the final recipient, who, after reasonable enquiries, presents it to the drawee for acceptance of the payment. Sahyog means co-operation in Hindi and Gujrati, the predominant [6] languages of traders. The hundi is so named because it required the co-operation of multiple parties to ...
Challan or Chalan is a common Hindi word (चालान, cālān) that has become an Indian English technical word used officially in many professional, especially financial transactions. It usually means an official form or receipt of acknowledgement or other kind of proof document , piece of paperwork, police citation , etc.
A payment is the tender of something of value, such as money or its equivalent, by one party (such as a person or company) to another in exchange for goods or services provided by them, or to fulfill a legal obligation or philanthropy desire. The party making the payment is commonly called the payer, while the payee is
The Australian payment systems strategic plan has said it will remove cheques by 2030. [42] In New Zealand, payments by cheque have declined from the mid-1990s in favour of electronic payment methods. In 1993, cheques accounted for over half of transactions through the national banking system, with an annual average of 130 cheques per capita.
Bharat Bill Payment System (BBPS) is an integrated bill payment system in India offering interoperable and accessible bill payment service to customers through a network of agents, enabling multiple payment modes, and providing instant confirmation of payment. [15] This is still [when?] in the implementation stage. Guidelines for implementation ...
In financial transactions, a warrant is a written order by one person that instructs or authorises another person to pay a specified recipient a specific amount of money or supply goods at a specific date. [1]
[1] [2] A payment system is an operational network which links bank accounts and provides for monetary exchange using bank deposits. [3] Some payment systems also include credit mechanisms, which are essentially a different aspect of payment. Payment systems are used in lieu of tendering cash in domestic and international transactions. This ...
An invoice, bill, tab, or bill of costs is a commercial document that includes an itemized list of goods or services furnished by a seller to a buyer relating to a sale transaction, that usually specifies the price and terms of sale., quantities, and agreed-upon prices and terms of sale for products or services the seller had provided the buyer.