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to their customers for withdrawals of money. To withdraw the saved money from the
banks at any time they are providing an electronic device called ATM card. To be an
ATM card holder and to enjoy the facility of ATM services a person should open an
account into the bank maintaining a minimum balance and to issue an ATM card the
bank will charge as per the rule of the bank. Charge may vary from bank to bank.
Along with a card the bank provides confidential pin number. ATM card holder will
be able to withdraw money from any ATMs located in branches of the concerned bank
or any other member banks which have computer network. This machine operates
with computerized system and card should be inserted to take the cash.

6. Electronic Transfer
Electronic transfer is the modern technique used by banks to transfer money from
one place/ branch to other place/branch. Electronic transfer refers to the way of
transferring money from one bank to another bank with the help of a telephone
or computer network. A much secured international telecommunication network
operated through computers is established for electronic transfer. This system is
modern, cheap and the most reliable system of transferring money of one bank to
another bank of different countries through SWIFT system. SWIFT refers to Society
for Worldwide International Financial Transaction.

7. Hundi
Hundi is one of the oldest forms of credit instrument. It is used as remittance
innstument to transfer money from one place to another. It is a written order, usually
unconditional, drawn by one person from another for payment, on demand or after
a specified time, of a certain sum of money, to a person named therein. Hundies may
be broadly classified into darshani hundi and muddhati (deposit) hundi. Darshani
hundies are demand documents and are payable on demand whereas deposit hundies
are time documents and are payable after sometime.

EXERCISE

Answer the following questions in one sentence.

1. Write the full form of CIF and FOB.
2. Write the full form of WTO.
3. Mention any two types of invoice.
4. Write the full form of A.T.M.
5. When did Nepal get the membership of WTO?
6. When was WTO established?
7. Write the full form of SWIFT.

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