What is local and outstation cheque?

What is local and outstation cheque?

Under grid-based Cheque Truncation System clearing, all cheques drawn on bank branches falling within in the grid jurisdiction are treated and cleared as local cheques. Banks’ cheque collection policy also indicates the limit up to which outstation cheques are given immediate/instant credit.

What is upcountry cheque?

Upcountry Cheque Collections (UCC) Upcountry cheques are collected through our branches and through a huge network of correspondent banks. You can manage your cash flow by using our services to expedite your collections. Cheques presented at and drawn at ICICI Bank locations.

What does the word outstation mean?

: a remote or outlying station.

What is local clearing cheque?

Local cheques are payable within the jurisdiction of the clearing house and will be presented through the clearing system prevailing at the centre. The grid clearing allows banks to present/ receive cheques to/ from multiple cities to a single clearing house through their service branches in the grid location.

Which is the best definition of an outport?

Definition of outport. 1 chiefly British : a port other than the main port of a country. 2 : a small fishing village especially in Newfoundland.

What is an outstation cheque or a local cheque?

An outstation cheque is one drawn on a branch of a bank situated beyond the local clearing area. In the case of the local cheque the clearing process may take a maximum of three days and in case of an outstation cheque it may take around fifteen days.

What does outport mean in Newfoundland and Labrador?

In Newfoundland and Labrador any city, town, or village having a port, other than the main port of St. John’s. Outport is the name given in the United Kingdom for a subsidiary port built in deeper water than the original port. The Port of Tilbury from the Port of London is a good example.

Is the outport charge subject to currency adjustment factor?

The outport or non-loading port charge is subject to Currency Adjustment Factor (CAF) regardless whether the the C.A.F. is included in the base ocean freight, except that for service contract, the outport or non-loading port charge, irrespective whether it is shown as arbitrary or add-on, the application of Currency Adjustment