Nift rider nift riders come in a bank branch twice in

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NIFT Rider: NIFT riders come in a bank (Branch) twice in a day for inward and out ward clearing Chaq ues & instruments for collection and delivery at specified time. OUTWARD CLEARING AT THE BRANCH: The following points are to be taken into consideration while an instrument is accepte d at the counter to be presented in outward clearing: The name of the branch appears on its face where it is drawn. It should be stale or post dated or without date. Amount in words and figures does not differ. pg. 32
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Signature of the drawer appears on the face of the instrument. Instrument is not mutilated. There should be no material alteration, if so, it should be properly authenticated. If order i nstrument suitably indorsed and the last endorsee’s account being credited. Endorsement is in accordance with the crossing if any. The amount of the instrument is same as mentioned on the paying-in-slip and counterfoil. The title of the account on the paying-in-slip is that of payee or endorsee (with the except ion of bearer cheque). If an instrument is in order than our bank special crossing stamp is affixed across the face of the instrument. Clearing stamp is affixed on the face of the instruments, paying-in-slip and counterfoil (The stamp is affixed in such a manner that half appears on counterfoil and paying- in-slip). The instrument is suitably discharged, where a bearer cheque does not require any discharge and also an instrument in favor a bank not need be discharged. The instrument along with pay-in-slip is retained while the counterfoil is given to the customer duly signed. Then the following steps are to be taken: The particulars of the instrument and the pay-in-slip entered in the outward clearing regis ter. Serial no. Is given to each instrument. The register is balanced; a regular report is generated after entering clearing instruments i n the software (Inward outward clearing system. Balance of report compare with manual register balance to avoid omission. Then a particular voucher is filled with total amount of Clearing. All instruments with grand sum voucher put into a bag. NIFT rider come and takes bag for out ward clearing. For inward clearing bag reached at morning in the branch. However the amount is kept in float till final status of various instruments is known from respecti ve paying banks in second dealing. The entry of the instrument returned unpaid is made in Chequ es returned Register. If the instrument is not to be presented again in clearing then a covering me mo is prepared. The covering memo along with returned instrument and objection memo is sent t o the customer who sent the same to his account. INWARD CLEARING OF THE BRANCH: The particulars of the instruments are compared with the list.
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