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  A ³promissory note´ is an instrument in writing (not
being a bank-note or a currency-note) containing an unconditional
under-taking, signed by the maker, to pay a certain sum of money
only to, or to the order of, a certain person, or to the bearer of the
instrument under Section 4.

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   As per statutory definition, ³bill of exchange´ is an

instrument in writing containing an unconditional order, signed by
the maker, directing a certain person to pay a certain sum of money
only to, or to the order of, a certain person or to the bearer of the
instrument under Para 1 of section 5. A cheque is a special type of
bill of exchange. It is drawn on banker and is required to be made
payable on demand.
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£ R

  
   - A ³cheque´ is a bill of
exchange drawn on a specified banker and not expressed to be
payable otherwise than on demand. µCheque¶ includes electronic
image of a truncated cheque and a cheque in electronic form under
section 6. The definition is amended by Amendment Act, 2002,
making provision for electronic submission and clearance of cheque.
The cheque is one form of Bill of Exchange.
£ [nder the Negotiable Instrument Act, It does not affect any local
usage relating to any instrument in an oriental Language. However,
the local usage can be excluded by any words in the body of the
instrument, which indicate an intention that the legal relations of the
parties will be governed by provisions of Negotiable Instruments Act
and not by local usage under section 1. Thus, unless specifically
excluded, local usage prevails, if the instrument is in regional
language.
   
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As per banking practice a cheque written in
regional language and figures in English, i.e.
if the numerical figure and words figure
written are in English matches than the
banker must have to honour the cheque.
      
  
£ 

  , if i receive the notice of death of Mr Arvind Desai,
if the death takes place the same day of notice, i could assess
whether the cheque has been drawn before the death as because
bank got the cheque through clearing and it takes 1 or 2 days to get
it cleared at my end. So I will know the cheque has been drawn
before the death of the customer and i can honour it. But in other
cases, if i have enough reason that the cheques is drawn on the
same day or after his death, i can return the cheque, as the general
rule regarding it is when you get a notice of death of the customer,
you can return the cheque giving the reason thereof.
£ Also when the owner of the a/c is expired banker has no right to
clear the cheque until the legal heir of the person is noticed. The
cheque will be dishonoured.
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£ üEMA is an Act to consolidate and amend the law relating to foreign
exchange with the objective of facilitating external trade and
payments and for promoting the orderly development and
maintenance of foreign exchange market in India.
£ The most noticeable aspect of üEMA is that there is no
imprisonment prescribed for contraventions of the law, not even as
an alternative punishment and for the blatant and deliberate of
violations.
£ The provisions of üEMA displays so much change that one could
almost delink üEMA from üERA and concludes that üEMA is a new
law altogether
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1. Bank offers Rediscounting üacility to commercial
banks, enabling them to rediscount export bills of their
SSI customers, with usance not exceeding 90 days.
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£ National Insurance Academy (NIA) and other such
institutions have played a significant role in providing
education and training in the field of insurance business.
£ These institutions develop and conduct training
programs, seminars and workshops for development of
executives working in and around insurance industry in
India and other developing countries.
£ These Programs contents are tailored each time to
specific requirements of the client organization.
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£ Scheduled/Calendar Programs: These are imparted in
given frame of time.
£ Broker Training: If provides training for those who wish to
be insurance broker.
£ Certification: After completing Broker examination the
person which get certificate.
£ These institutions educate and train insurance personnel
and other allied human resources to be competent
performers who conform to the customers¶ requirement.
Thus helping insurance industry players achieve their
objectives, by realizing the true potential of their human
resources.

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£ In 2009-10 private sector insurance business

seen a growth rate of 140% as a result of
aggressive marketing technique being adopted
by them against 35-40% growth rate of state
owned insurance companies.
£ On account of intense marketing strategies
adopted by private insurance players, the
market share of state owned insurance
companies like GIC, LIC and others have come
down to 70% in last 4-5 years from over 97%.
 

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£ The private insurance players despite the sector is still
regulated has been offering rate of return (RoR) to its
policy holders which is estimated at about 35% as
against 20% of domestic insurance companies.
£ Secondly, the state owned insurance companies such as
LIC and GIC have limited number of policies to offer to
their subscribers while in case of private insurance
companies, their policy numbers are many more and the
premium amount as well as the maturity period is much
competitive as against those of government insurance
companies.
£ Rural market untapped: The share of private insurance
players would increase substantially as these have been
able to generate a faith among their rural consumers.
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£ LIC (Life Insurance Corporation of India) still remains the
largest life insurance company accounting for 64%
market share. Its share, however, has dropped from 74%
a year before, mainly owing to entry of private players
with innovative products and better sales force.
£ ICICI Prudential Life Insurance Co Ltd is the biggest
private life insurance company in India. It experienced
growth of 58% in new business premium, accounting for
increase in market share to 8.93% in 2007-08 from
6.97% in 2006-07.
£ Bajaj Allianz Life Insurance Co Ltd has reported a growth
of 52% and its market share went up to 6.98% in 2007-
08 form 5.66% in 2006-07. The company ranked second
(after LIC) in number of policies sold in 2007-08, with
total market share of 7.36%.
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£ SBI Life Insurance Co Ltd in terms of new number of
policies sold, the company ranked 6th in 2007-08. New
premium collection for the company was Rs 4,792.66
crore in 2007-08, an increase of 87% over last year.
£ Reliance Life Insurance Co Ltd Total collected was Rs
2,792.76 crore and its market share went up to 2.96%
from 1.23% a year back. It now ranks 5th in new
business premium and 4th in number of new policies
sold in 2007-08.
£ HDüC Standard Life Insurance Co Ltd with an income of
Rs 2,680 crore in ü 2007-08, registering a year-on-year
growth of 64%. Its market share is 2.88% and it ranks 6
th among the insurance companies and 5th amongst the
private players.
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£  ith a huge population base and large untapped market,
insurance industry is a big opportunity area in India for
national as well as foreign investors.
£ India is the fifth largest life insurance market in the
emerging insurance economies globally and is growing
at 32-34% annually.
£ This impressive growth in the market has been driven by
liberalization, with new player¶s significantly enhancing
product awareness and promoting consumer education
and information.
£ The strong growth potential of the country has also made
international players to look at the Indian insurance
market. Moreover, saturation of insurance markets in
many developed economies has made the Indian market
more attractive for international insurance players.
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£ only 20% of the total insurable population of India is covered
under various life insurance schemes, the penetration rates of
health and other non-life insurances in India is also well below
the international level. These facts indicate the of immense
growth potential of the insurance sector.
£ Total life insurance premium in India is projected to grow Rs
1,230,000 Crore by 2010-11.
£ Total non-life insurance premium is expected to increase at a
CAGR of 25% for the period spanning from 2008-09 to 2010-
11.
£ Home insurance segment is set to achieve a 100% growth as
financial institutions have made home insurance obligatory for
housing loan approvals.
£ Health insurance is poised to become the second largest
business for non-life insurers after motor insurance in next
three years.
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£ The major players discussed in the report
include:
£ Life insurance company:
1. LIC,
2. Bajaj Allianz
3. HDüC Standard
4. ICICI Prudential
£ , Non-life insurance Company:
1. New India,
2. [nited India
3. ICICI Lombard under segments.