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Assume you hold an account with HSBC, and you give a cheque to your friend who holds account with Citi . So a cheque drawn on HSBC MICR, gets deposited in Citi . Now HSBC Processing team receives the cheque from Citi processing team through clearing . This is Inward clearing of funds wherein HSBC checks signature, funds, stale or post dated details before clearing it or return it.
On the other way, cheques drawn on other bank deposited in hsbc and the same sent by HSBC to drawn on bank through clearing is outward clearing..
These processes have now been automated using applications like ICCS - Image cheque clearing system. etc..
Inward clearing refers to the process of verifying and settling checks deposited into a bank account, while outward clearing involves checks issued by a bank's customers and being presented for payment to another bank. Inward clearing is when the bank receives checks for payment, while outward clearing is when the bank issues checks for payment.
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What is the meaning of inward and outward in banking services for example transaction charges for RTGS to inward and outward?
"Inward" refers to receiving funds, while "outward" refers to sending funds. So, in banking services, transaction charges for RTGS would vary based on whether you are sending money outward (making a payment) or receiving money inward (receiving a payment) through the RTGS system.
What do the outward and inward forces acting on a star have to do with it's size?
The outward force is the pressure generated by nuclear fusion in the star's core, which counteracts the inward force of gravity trying to compress the star. The balance between these forces determines the size and stability of the star. If the outward pressure exceeds the gravitational force, the star can maintain its size and stability.
What is outward an inward linkage?
Outward linkage refers to the connections a firm has with external stakeholders, such as suppliers, customers, and the government. Inward linkage, on the other hand, pertains to the relationships within the organization, including between different departments or teams. Both types of linkages are crucial for the success and sustainability of a business.
Do classroom doors typically swing inward or outward?
Classroom doors typically swing inward for safety reasons, as this allows for easier evacuation in case of an emergency without blocking the hallway.
When the outward force due to fusion and radiation balances with the inward force of gravity a star is said to be experiencing what?
When the outward force due to fusion and radiation balances with the inward force of gravity, a star is said to be in a state of hydrostatic equilibrium. This balance between the forces maintains the star's stability and prevents it from collapsing or expanding uncontrollably.
What is difference between return inward and return outward?
Inward return is directly proportional to the outward clearing where funds crediting into customers account i.e;inflow of funds into customers account and cheque return due to reason for eg insufficient funds or say cheque stopped by the drawer etc.... Outward return is directly proportional to the inward clearing where funds are debiting from the drawee or payee account i.e;outflow of funds from customers account and cheque return due to reason insufficient funds or say cheque stopped etc....
What is difference between inward LC and outward LC?
An outward LC is opened on behalf of a customer who wishes to import or buy goods. An Inward LC is opened by a foreign bank in favor of the exporter.
What is the device designed to detect a difference in current between circuit wire called the inward and outward paths?
GFI
Explain the difference between outward-oriented and inward-oriented growth?
Hahahahaha IB past paper?? Am doing the same question :D
What is the difference between inward and outward transaction?
The words "outward or inward" associate with "transactions" are giving information of the 'status' of an incoming or outgoing processed transaction while the process of processing/aquiring/issuing for example in the arbitration's process of a credit card transaction which has been disputed.
What is the difference between freight outwards and freight inwards?
the transportation charge that we pay for is freight inward when we are importing something from suppliers, and is freight outward when we are selling to customers.
What is Processing inward and outward clearing and reconciliation of clearing difference?
Assume Mr A with an account at the ABC bank issues a check for Mr X with an account at the XYZ bank. The check's data go into XYZ's computer system, and the sum is added to Mr X' account. Next the check is sent to bank ABC. This part of the compensating is called Outward Clearing. Next the check's data go into ABC's computer system, and the sum is subtracted from Mr A's account. The amount is also subtracted from bank ABC's account at the National Bank and credited in XYZ's account there. This part of the compensating is called Inward Clearing.
Inward clearing zone?
Inward clearing is a banking term .each bank uses one common clearing house.for eg XYZ bank customer wants to give the check to abc bank customer .so abc bank customer will deposit that check into his bank.then abc bank will send that check to clearing house for clearing .then clearing house will send that check to xyz bank for customer sign verification.xyz bank will do the sign verification and it will debit check amount from that customer account.so that check will be inward for XYZ and outward for ABC.
Do yaw bearings theeth point outward or inward?
Outward
What is the difference between carriage inwards and carriage outwards?
Carriage Inward Including when Raw Material Import/Purchase from other side to Factory or Production house on that time use Carriage inward ( Use Trading A/c) Carriage Outward when
Difference between a bay and a peninsula?
A bay is a big inlet of the sea and the land curves inward. A peninsula is a piece of land that is surrounded by water and basically projects outward into the water.
What is an inward invoice and an outward invoice?
An "inward" is one you receive that you need to pay. An "outward" is one you prepare and send to someone to pay you.
