National Bank

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CASH BOOK BALANCE
At the end of the working day cashier is responsible to maintain the cash balance book. The cash book contain the date, opening balance, detail of cash payment and received in figures, closing balance, denomination of government notes (Currency). It s checked by manager. The consolidated figure of receipt and payment of cash is entered in the cash book and the closing balance of cash is drawn from that i.e.
 

Opening Balance Of Cash + Receipts - Payments = Balance

The closing balance of today will be the opening balance of tomorrow. This department is one of the most important department of the bank. All the books maintained in this department are checked by officer.

CLEARING DEPARTMENT

All the external functions of clearing are carried by NIFT (National Institute of Facilitation Technology) while the internal operations are performed by clearing department which would be discuss later. NIFT is providing tremendous facilitation having error rate of 0.3%. It is just like any courier service which takes the cheques of other banks and delivers the cheques of that branch to it.
 

Clearing is a system by which banks exchange cheques and other negotiable instruments drawn on each other within a specified area and thereby securing the payment for its clients through the clearing house. A clearing house is a general organization of the banks at a given place, Its main purpose is offsetting the cross obligation in the form of cheques. When there are many banks in the country each will receive a number of cheques drawn on other banks, deposited within for collection. A clearing house is an organization where these cheques are brought and the mutual claims of each bank on the other are offset and a settlement is made by the payment of differences. The representatives off all the banks in Pakistan attend office of the bank which is performing these duties of clearing house, on each business day at a fixed time. They deliver cheques that their bank may have negotiated and receive in exchange cheques drawn on their bank negotiated by other bank. The responsibility of smooth cooperation of the clearing function lies with the State Bank of Pakistan. 

The operation of clearing refers to the collection of cheques drawn on other banks. These cheques may be drawn on UBL, HBL, NBP, or any other bank of Pakistan. The respective clerk collects all cheques and enter them in clearing Register. Then he affix a stamps on these cheques and sorts out cheques of different banks and prepares. schedule for them. These cheques are sent to clearing house. State Bank of Pakistan has extended the service of Clearing House. MCB  will receive all the cheques drawn by other banks. Finally they exchange their cheques mutuality. MCB representative will give cheques of UBL, HBL, ABL, NBP, and SBP to their representatives, and get the cheques drawn on MCB from these representative.

Further they settle their account. State Bank of Pakistan representative will work out the balances and will settle their account from their balances with State Bank of Pakistan. The amount of the cheques are credited in the account of depositor on the 2nd or 3rd day. If the cheques are not returned it is under stood that all the cheques are honored.
 

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