COLLECTION, NEGOTIATION (PURCHASE) OF CHEQUES, DRAFTS & BILLS
Collections and Negotiation (Purchase) of cheques and bills are important services rendered by the Bank to its customers. Collection means the acceptance of cheques, bills and other instruments from our customers, which are payable at other Centres/Banks, sending these to our correspondent bank/drawee banks for payment and crediting their proceeds to the accounts of the lodgers thereof after their payment/payment advice is received from the correspondent/drawee banks. Negotiation (purchase) means the purchase of cheques/bills drawn on other centres/banks, from parties of good standing, who are given immediate credit/cash for the amounts of the instruments even before these are paid at the concerned offices.
|INSTRUMENT||PAYABLE WITHIN BHUTAN||PAYABLE OUTSIDE BHUTAN|