[amp_mcq option1=”Negotiable Instruments Act, 1881″ option2=”Reserve Bank of India Act, 1934″ option3=”Banking Regulation Act, 1949″ option4=”RBI Clearing House Rules” correct=”option4″]
The correct answer is: D. RBI Clearing House Rules.
The RBI Clearing House Rules are a set of rules that govern the operation of the clearing house. The rules are designed to ensure that cheques are cleared efficiently and accurately. One of the rules is that if a cheque presented through the Clearing House is returned unpaid for any reason, the banker has to enclose the cheque to a Returning Memo while returning the instrument to the customer. This is done to ensure that the customer is aware of the reason why the cheque was returned and can take appropriate action.
The other options are incorrect because they do not relate to the clearing house. The Negotiable Instruments Act, 1881 is a law that governs negotiable instruments, such as cheques. The Reserve Bank of India Act, 1934 is a law that governs the Reserve Bank of India. The Banking Regulation Act, 1949 is a law that governs banks.