Direction: A bank has a large number of customers who are not individuals but are entities like partnerships, companies, trusts, and associations. These entities hold different types of accounts with the bank, such as current accounts, savings accounts, term deposits, and foreign currency accounts. The bank has to ensure that the accounts of these entities comply with the relevant laws and regulations and that the transactions are consistent with the purpose of the account. The bank has a dedicated team of professionals who handle these accounts and ensure that they comply with the law. Banks should also inform the authorized signatories of any issues with the account and advise them to take appropriate measures to safeguard the funds.Q. According to the rules for opening and operations of a partnership firms account, when should the operations in the account be stopped if a partner gives notice of stoppage of operation?a)Immediatelyb)After 24 hoursc)After 48 hoursd)After 72 hoursCorrect answer is option 'A'. Can you explain this answer?

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Direction: A bank has a large number of customers who are not individuals but are entities like partnerships, companies, trusts, and associations. These entities hold different types of accounts with the bank, such as current accounts, savings accounts, term deposits, and foreign currency accounts. The bank has to ensure that the accounts of these entities comply with the relevant laws and regulations and that the transactions are consistent with the purpose of the account. The bank has a dedicated team of professionals who handle these accounts and ensure that they comply with the law. Banks should also inform the authorized signatories of any issues with the account and advise them to take appropriate measures to safeguard the funds.

Q. According to the rules for opening and operations of a partnership firm's account, when should the operations in the account be stopped if a partner gives notice of stoppage of operation?

a)
Immediately
b)
After 24 hours
c)
After 48 hours
d)
After 72 hours

Correct answer is option 'A'. Can you explain this answer?

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Direction: A bank has a large number of customers who are not individu...

When a partner gives notice of stoppage of operation, all operations must be stopped immediately under intimation addressed as a joint letter sent to all the partners as well as the firm. Then the account would be operative only by all partners jointly.

Answered by Notes Wala · View profile

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Direction: A bank has a large number of customers who are not individuals but are entities like partnerships, companies, trusts, and associations. These entities hold different types of accounts with the bank, such as current accounts, savings accounts, term deposits, and foreign currency accounts. The bank has to ensure that the accounts of these entities comply with the relevant laws and regulations and that the transactions are consistent with the purpose of the account. The bank has a dedicated team of professionals who handle these accounts and ensure that they comply with the law. Banks should also inform the authorized signatories of any issues with the account and advise them to take appropriate measures to safeguard the funds.Q. According to the rules for opening and operations of a partnership firms account, when should the operations in the account be stopped if a partner gives notice of stoppage of operation?a)Immediatelyb)After 24 hoursc)After 48 hoursd)After 72 hoursCorrect answer is option 'A'. Can you explain this answer? for Banking Exams 2024 is part of Banking Exams preparation. The Question and answers have been prepared according to the Banking Exams exam syllabus. Information about Direction: A bank has a large number of customers who are not individuals but are entities like partnerships, companies, trusts, and associations. These entities hold different types of accounts with the bank, such as current accounts, savings accounts, term deposits, and foreign currency accounts. The bank has to ensure that the accounts of these entities comply with the relevant laws and regulations and that the transactions are consistent with the purpose of the account. The bank has a dedicated team of professionals who handle these accounts and ensure that they comply with the law. Banks should also inform the authorized signatories of any issues with the account and advise them to take appropriate measures to safeguard the funds.Q. According to the rules for opening and operations of a partnership firms account, when should the operations in the account be stopped if a partner gives notice of stoppage of operation?a)Immediatelyb)After 24 hoursc)After 48 hoursd)After 72 hoursCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Banking Exams 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Direction: A bank has a large number of customers who are not individuals but are entities like partnerships, companies, trusts, and associations. These entities hold different types of accounts with the bank, such as current accounts, savings accounts, term deposits, and foreign currency accounts. The bank has to ensure that the accounts of these entities comply with the relevant laws and regulations and that the transactions are consistent with the purpose of the account. The bank has a dedicated team of professionals who handle these accounts and ensure that they comply with the law. Banks should also inform the authorized signatories of any issues with the account and advise them to take appropriate measures to safeguard the funds.Q. According to the rules for opening and operations of a partnership firms account, when should the operations in the account be stopped if a partner gives notice of stoppage of operation?a)Immediatelyb)After 24 hoursc)After 48 hoursd)After 72 hoursCorrect answer is option 'A'. Can you explain this answer?.

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