Tuesday, 23 February 2021

Cheque Clearing and Its Process In Pakistan

Most of beginners who newly hired in banks always have a questions in their mind that what does Cheque Clearing Means?, What is the Cheque Clearing Process In Pakistan? How long does it takes? And How does the whole process Works?, Is there any limit of amount in Clearing?, What is Cross Cheque? So don't worry today through this article you will learn the basics regarding cheque clearing in Pakistan. In banking terminology Cheque Clearing is the process of payment settlement of cheque between two different banks, and the settlement is done through a third party who is actually transactional facilitator house named NIFT (National Institutional Facilitation Technologies Pvt Ltd), Keep one thing clear in mind that there is no any involvement of cash in clearing, Process of clearing is Highly Safe, Secure, Fast and reliable.





Role of Clearing in banking sector is very important and crucial, one can not think banking without clearing just because it facilitate you to transfer funds from one bank to other bank irrespective of amount, you may transfer 1Rs from your one bank account to other bank and you can also transfer 1billion on the same time, So there is no any limit of amount in clearing, But you need to present your cheque before 4PM, as the clearing timing is From 9AM to 4PM.




Lets talk about cheque clearing process works in Pakistan, Process of clearing starts when a customer visits the branch and present his/her own/party Cross cheque which means A/C Payee Only(A Cross Cheque can only be transfer from one account to other bank account) and ask you that I want to deposit this cheque into my bank account which is in your bank, you as a banker simply collect the instrument and start the scrutiny of the the instrument, i,e First you will cheque date, Cheque should not be post dated or stale in both cases you will not accept the instrument. Second most important thing while doing scrutiny is both word and figure should be match, Third thing which is most Signature of customer should be their on the face of cheque, Also there are soo many other factors that we should look while doing scrutiny, As you find the cheque (Instrument) is genuine and comply with banking SOPs, you will Process the instrument in your system and in the day end you send instrument to NIFT Office and on the next day bank will receive the amount against the instrument and bank will credit that amount to customer account.




Now lets understand the clearing process of cheques in Pakistan with example. Ali is the proprietor of M/s ABC, Ali is maintaining account in HBL Karachi main branch, Ali receive a cross cheque from one of his counterparty who is maintaining account in Al habib Karachi main branch, As Ali has bank A/C in HBL Bank he goes to his bank (HBL) and present the cheque of Al habib karachi main branch which he received from his counterparty, his branch(HBL) receive the cheque along with deposit slip, and post the instrument in system as per SOP's and Deposit Slip, and handover the carbon copy of deposit slip, and in day end branch send the instrument to NIFT, Next day morning NIFT will send cheque (Instrument) to concern bank branch for release/Process of payment and till evening HBL will receive the payment if there was no any discrepancy found in cheque by counterparty bank

Above one is the simplest example of clearing process, but it may be vary if type of clearing changes. I.e In Same day Clearing Settlement of funds will be done on same working day, In normal Clearing it takes one working day (T+1) time in normal clearing, In Intercity Clearing It takes around two working days (T+2) but it can take up to Five working days. We will learn all above types in next articles step by step, as these articles will help you in your daily banking, IBP exams specifically JAIBP Exams 



Sunday, 31 January 2021

How To Verify Phone Number In Pi Network?

This is one of the most important thing to take care while mining Pi Coins on Pi Network that whether your Pi network account Phone Number is verified or not, If your Pi Network Phone number is not Verified this is a time to verify your Phone Number In Pi Network Application, But the question in How to Verify Phone Number In Pi Network? The answer is pretty simple and clear, as we discussed earlier that Pi Network Application interface is very easy and you can Verify Your Phone Number In Pi Network by following Simple Steps. 


There are Two Options To Verify Phone Number In Pi Network,

Option 1 Is Receive a verification Code, This Option is created for US and Canada Users, and verification is done through OTP, This option is Quick and Simple.


Option 2  Is Send a code to our phone verification service, This option works for every country throughout the world, For example If you are from Pakistan, India, Australia, China, or any other country you can use this option and verify your phone number.


Lets learn Each Option Step By Step: 

STEP 1.

Open Pi Network Application from your android application. 

Step 2

Go to the settings option of Pi Network Application,  which is encircled for your ready Reference. 


Step 3.

Go to the Profile by touch on profile button , encircled for your reference. 


Step 4.

Go to the Verify Option, encircled for your reference. 


Step 5.

If your are from US or Canada Touch on Receive Code button and shortly you will receive OTP and simply you need to enter that OTP in Your Application Required Field.


If Your are from any other country like Pakistan, india , china, Australia, South Africa or any other country you need to touch on start button.


Step 6

In this step you will be directed to your sms application just you need to send that sms from your Pi network registered number.


Step 7

You have completed the process of Phone Number verification just go back and you will see green tick after your Phone Number verification 


Saturday, 30 January 2021

Pi Network Review

Every Second person on internet is discussing regarding Pi Network, and try to understand how the Pi Network is working? and searching on google that whether is it really worth for work on? What will be the future value of Pi Network Coin? How can we earn from Pi Network? and Whether the Pi network is legit or scam? Today we will discussed each and every thing in a detail and try to understand Pi network Basics.


First thing first lets talk about What is Pi Network? In a very simple words for understanding, Pi Network is a Place where everyday people  join and exchange of services done through Pi, Currently Pi Network is in Initial Stage, As latter when Pi Network Market introduce people who hold Pi Coin can Buy Goods or services through Pi. Currently There are more than 12M Users of Pi Network Android Application user, which shows a very good position of this Network.

What is Pi Coin?  Pi Coin is a Cryptocurrency or a digital currency, Currently you can mine this currency Free on Pi Network Application   Android Application, This coin is similar to Bitcoin which is also a Cryptocurrency. Majority of People  Mining Pi Coin and Believe that in Future when Market Of Pi Network Officially Introduce they will Exchange it with their desired Goods or service they required.


How to Earn Pi Coin? Simply you can earn Pi Coins Just by means of installing Pi Network Android Application on your android smartphone, Create your account with Referral Code "majidsiddiqui" and touch on Thunder icon and your Pi Coin Earning Will Start. This is as simple as that, This is best thing about this application that a very non technical person can also operate this application simply.


Pi Network is Legit Or  Scam? As per my research on internet, the team of Pi network is belong to a very reputable institute and also very well known experts of online earning are also suggesting regarding this Network, So this seems to be that Pi network is Legit, and in future miners of this Pi network reap their hard work as lots of people are doing hard work on Pi Network as a Contributor.

What is the Value/Price Of Pi Coin? Currently Pi Coin has no official value, as neither you can transfer Pi coin into your bank account nor you can sell/Buy it on internet, So Currently People are just  mining Pi Coins and holding it for Future as/when Pi Network Market introduce value will be determined according to the demand and supply of Pi Coin. 

How much One Pi Coin will Worth In Future? As discussed earlier that currently Pi network is in initial stages So it will take time, But as we can see the users of Pi Network is increasing in a very high pace we can definitely say that the value of Pi Coin can break the records of Bitcoin if same consistancy exists. 

Conclusion! Definitely you need patience in this game, but if you do it perfectly may be in future this Pi Coins can make you billionaire. Mine on daily basis and use my referral invitation code for Pi Network "majidsiddiqui"