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#5744.

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#9225.

2139) Chartered Financial Analyst

Summary

A chartered financial analyst (CFA) is a globally-recognized professional designation given by the CFA Institute, (formerly the AIMR (Association for Investment Management and Research)), that measures and certifies the competence and integrity of financial analysts. Candidates are required to pass three levels of exams covering areas, such as accounting, economics, ethics, money management, and security analysis.

From 1963 through November 2023, more than 3.7 million candidates have taken the CFA exam. The overall pass rate was 45%. During 2014 through 2023, the 10-year average pass rate was 43%.

The pass rate of the exam is below 50% in recent decades, making the CFA Charter one of the most difficult financial certifications to obtain.

A minimum of 300 hours of study is recommended for each exam.

* The CFA charter is one of the most respected designations in finance and is widely considered to be the gold standard in the field of investment analysis.
* To become a charter holder, candidates must pass three difficult exams, have a bachelors degree, and have at least 4,000 hours of relevant professional experience over a minimum of three years. Passing the CFA Program exams requires strong discipline and an extensive amount of studying.
* There are more than 200,000 CFA chartholders worldwide in 164 countries.
* The designation is handed out by the CFA Institute, which has 11 offices worldwide and 160 local member societies.

Details

The Chartered Financial Analyst (CFA) program is a postgraduate professional certification offered internationally by the US-based CFA Institute (formerly the Association for Investment Management and Research, or AIMR) to investment and financial professionals. The program teaches a wide range of subjects relating to advanced investment analysis—including security analysis, statistics, probability theory, fixed income, derivatives, economics, financial analysis, corporate finance, alternative investments, portfolio management—and provides a generalist knowledge of other areas of finance.

A candidate who successfully completes the program and meets other professional requirements is awarded the "CFA charter" and becomes a "CFA charter-holder". As of November 2022, at least 190,000 people are charter-holders globally, growing 6% annually since 2012 (including effects of the pandemic). Successful candidates take an average of four years to earn their CFA charter.

The top employers of CFA charter-holders globally include JPMorgan Chase, UBS, Royal Bank of Canada, and Bank of America.

History

The predecessor of the CFA Institute, the Financial Analysts Federation (FAF), was established in 1947 as a service organization for investment professionals. The FAF founded the Institute of Chartered Financial Analysts in 1962; the earliest CFA charter-holders were "grandfathered" in through work experience only, but then a series of three examinations was established along with a requirement to be a practitioner for several years before taking the exams. In 1990, in the hopes of boosting the credential's public profile, the CFA Institute (formerly the Association for Investment Management and Research) merged with the FAF and the Institute of Chartered Financial Analysts.

The CFA exam was first administered in 1963 and began in the United States and Canada, but has become global with many people becoming charter-holders across Europe, Asia, and Australia. By 2003, fewer than half the candidates in the CFA program were based in the United States and Canada, with most of the other candidates based in Asia or Europe. The number of charter-holders in India and China had increased by 25% and 53%, respectively, from 2005 to 2006.

CFA Charter

The CFA designation is designed to demonstrate a strong foundation in advanced investment analysis and portfolio management, accompanied by a strict emphasis on ethical practice.

A charter holder is held to the highest ethical standards. Once an investment professional obtains the charter, this individual also makes an annual commitment to uphold and abide by a strict professional code of conduct and ethical standards. Violations of the CFA code of ethics may result in industry-related sanctions, suspension of the right to use the CFA designation, or a revocation of membership.

Requirements

To become a CFA charter-holder, candidates must satisfy the following requirements:

* Have obtained a bachelor's (or equivalent) degree or be in the final year of a bachelor's degree program. However, an accredited degree may not always be a requirement.
* Pass all three levels of the CFA program (mastery of the current CFA curriculum and passing three examinations).
* Have 4,000 hours in a minimum of three years of qualified work experience acceptable by the CFA Institute. However, individual-level exams may be taken prior to satisfying this requirement.
* Have two or three letters of reference.
* Become a member of the CFA Institute.
* Adhere to the CFA Institute Code of Ethics and Standards of Professional Conduct.

Due to the timing of the exams, completing all three levels of the CFA is possible within two years, but candidates must still complete the work experience requirement of 4,000 hours over a minimum of three years to become a charter-holder.

Pass rates

The CFA exams are noted to be notoriously difficult, with low pass rates. During the period 2010–2021, pass rates for Levels 1-3 ranged from 22-56% . The CFA Level 1 examination in May 2021 and July 2021 made news headlines after plummeting to a record-low pass rate of 25% and 22%, respectively, and in August 2021, the level 2 pass rate fell to 29%.

Curriculum

The curriculum for the CFA program is based on a Candidate Body of Knowledge established by the CFA Institute. The CFA curriculum is updated annually to reflect the latest best practices, with the extent of changes varying by year and level. The curriculum comprises, broadly, the topic areas below. There are three exams ("levels") that test the academic portion of the CFA program. All three levels emphasize the subject of ethics. The material differences among the exams are:

* The Level I study program emphasizes tools and inputs and includes an introduction to asset valuation, financial reporting and analysis, and portfolio-management techniques.
* The Level II study program emphasizes asset valuation and includes applications of the tools and inputs (including economics, financial reporting and analysis, and quantitative methods) in asset valuation.
* The Level III study program emphasizes portfolio management and includes descriptions of strategies for applying the tools, inputs, and asset valuation models to manage equity, fixed income, and derivative investments for individuals and institutions.

2012 Level III CFA Program Curriculum

For exams from 2008 onward, candidates are automatically provided the curriculum readings from the CFA Institute at the time of registration for the exam. The curriculum is not provided separately in the absence of exam registration. If the student fails an exam and is allowed to retest in the same year, the CFA Institute offers a slight rebate and will not send the curriculum again (the curriculum changes only on an annual basis). If the student retests in a year other than the year of failure, he or she will receive the curriculum again, as it may have been changed. Study materials for the CFA exams are available from numerous commercial learning providers, although they are not officially endorsed. Various organizations (some officially accredited) also provide course-based preparation. As of 2019, the examination includes questions on artificial intelligence, automated investment services, and mining unconventional sources of data.

Ethical and professional standards

The ethics section is primarily concerned with compliance and reporting rules when managing an investor's money or when issuing research reports. Some rules pertain more generally to professional behavior (such as prohibitions against plagiarism); others specifically relate to the proper use of the designation for charter-holders and candidates. These rules are delineated in the "Standards of Professional Conduct", within the context of an overarching "Code of Ethics".

Quantitative methods

This topic area is dominated by statistics: the topics are fairly broad, covering probability theory, hypothesis testing, (multi-variate) regression, and time-series analysis. Other topics include time value of money—incorporating basic valuation and yield and return calculations—portfolio-related calculations, and technical analysis. Recent additions, as mentioned above, are a survey of machine learning and big data.

Economics

Both microeconomics and macroeconomics are covered, including international economics (mainly related to currency conversions and how they are affected by international interest rates and inflation). By Level III, the focus is on applying economic analysis to portfolio management and asset allocation.

Financial statement analysis

The curriculum includes financial reporting topics (International Financial Reporting Standards and U.S. Generally Accepted Accounting Principles), and ratio and financial statement analysis. Financial reporting and analysis of accounting information is heavily tested at Levels I and II, but is not a significant part of Level III.

Corporate finance

The curriculum initially covers the major corporate finance topics: capital investment decisions, capital structure policy and implementation, and dividend policy; this builds on the accounting, economics, and statistics areas. It then extends to more advanced topics such as the analysis of mergers and acquisitions, corporate governance, and business and financial risk.

Security analysis

The curriculum includes coverage of global markets as well as analysis and valuation of the various asset types: equity (stocks), fixed income (bonds), derivatives (futures, forwards, options, and swaps), and alternative investments (real estate, private equity, hedge funds, and commodities). The Level I exam requires familiarity with these instruments. Level II focuses on valuation, employing the "tools" studied under quantitative methods, financial statement analysis, corporate finance, and economics. Level III centers on incorporating these instruments into portfolios.

Equity and fixed income

The curriculum for equity investments includes the functioning of the stock market, indices, stock valuation, and industry analysis. Fixed income topics similarly include the various debt securities, the risk associated with these, and valuations and yield spreads.

Derivatives

The curriculum includes coverage of the fundamental framework of derivatives markets, derivatives valuations, and hedging and trading strategies involving derivatives, including futures, forwards, swaps, and options. The curriculum incorporates various pricing models and frameworks, such as Black-Scholes and binomial option pricing (extending to coverage of interest rate trees), while coverage of the underlying mathematics is conceptual as opposed to technical.

Alternative investments

The curriculum includes coverage of a range of topics in the alternative investment category. Topics include hedge funds, private equity, real estate, commodities, infrastructure, and other alternative investments, including, as applicable, strategies, sub-categories, potential benefits and risks, fee structures, and due diligence.

Portfolio management and wealth planning

This sections increases in importance with each of the three levels—it integrates and draws from the other topics, including ethics. It includes: (i) modern portfolio theory (efficient frontier, capital asset pricing model, etc.); (ii) investment practice (defining the investment policy for individual and institutional investors, resultant asset allocation, order execution, and hedging using derivatives); and (iii) measurement of investment performance.

Efficacy of the CFA program

Given the time and effort that candidates must undergo to complete the CFA program, it would be expected that CFA charter-holders have higher performance than those who do not complete the program. However, there is some evidence that differential analyst performance is economically inconsequential, suggesting the predominance of signaling; although other research in the Financial Analysts Journal (a journal published by CFA Institute) suggests a positive human capital impact from the CFA program.

1448) Niels Kaj Jerne

Gist

The immune system includes cells, lymphocytes and antibodies that neutralize substances foreign to the body, or antigens. In 1955 Niels Jerne asserted that all kinds of antibodies already have developed during the fetus stage and that the immune system functions through selection. In 1971 he asserted that lymphocytes teach themselves to recognize the body’s own substances in the thymus gland. His 1974 network theory is based on the idea that antibodies not only attach themselves to an antigen, but also can become attached to other antibodies. An immunological reaction arises when an antigen disturbs the system’s equilibrium.

Summary

Niels K. Jerne (born Dec. 23, 1911, London, Eng.—died Oct. 7, 1994, Castillon-du-Gard, France) was a Danish immunologist who shared the 1984 Nobel Prize for Physiology or Medicine with César Milstein and Georges Köhler for his theoretical contributions to the understanding of the immune system.

Jerne was born of Danish parents and grew up in the Netherlands. After studying physics for two years at the University of Leiden, he worked at the Danish State Serum Institute from 1943 to 1956. He received his medical degree from the University of Copenhagen in 1951, and in 1956 he was appointed chief medical officer of the World Health Organization, a position he held until 1962. During the 1960s he taught at the Universities of Geneva (Switzerland) and Pittsburgh (Pennsylvania, U.S.), was professor of experimental therapy at Johann Wolfgang Goethe University in Frankfurt am Main, Germany, and was director of the Paul Ehrlich Institute, also in Frankfurt. He helped establish the Basel Institute for Immunology and served as its director from 1969 to 1980. After teaching for a year at the Pasteur Institute in Paris, Jerne retired to Gard, France.

Considered one of the greatest theoreticians of modern immunological thought, Jerne is noted for three major concepts that explain various aspects of how the immune system defends the body against disease. The first of Jerne’s theories, proposed in 1955, dealt with how the body produces its vast array of antibodies (proteins that bind with the antigens of foreign substances to protect the body from infection). A commonly held belief at the time was that, when a foreign antigen entered the body, it stimulated the production of a specific antibody that could bind to it and eliminate it. Jerne postulated an alternative explanation, which stated that from early in its life the body has a full complement of antibodies, one of which can combine with and eliminate the antigen. This theory provided the basis for Frank Macfarlane Burnet’s clonal selection theory of 1957. Jerne’s second theory, put forth in 1971, postulates that the body learns in the thymus to distinguish between its own components and those that are foreign. The third, and perhaps most famous, of Jerne’s theories is the network theory, which he introduced in 1974. According to this concept, the immune system is a complex, self-regulating network that can turn itself on or off when necessary.

Details

Niels Kaj Jerne,  (23 December 1911 – 7 October 1994) was a Danish immunologist. He shared the Nobel Prize in Physiology or Medicine in 1984 with Georges J. F. Köhler and César Milstein "for theories concerning the specificity in development and control of the immune system and the discovery of the principle for production of monoclonal antibodies".

Jerne is known for three significant ideas. Firstly, instead of the body producing antibodies in response to an antigen, Jerne postulated that the immune system already has the specific antibodies it needs to fight antigens. Secondly, it was known that the immune system learns to be tolerant to the individual's own self. Jerne postulated that this learning takes place in the thymus. Thirdly, it was known that T cells and B cells communicate with each other.

Jerne's network theory proposed that the active sites of antibodies are attracted to both specific antigens (idiotypes) and to other antibodies that bind to the same site. The antibodies are in balance, until an antigen disturbs the balance, stimulating an immune reaction.

Early years and Education

His ancestors had lived on the small Danish island of Fanø for centuries, but, in 1910, his parents moved to London where Jerne was born in 1911.

During the First World War his parents moved to the Netherlands and Jerne spent his youth in Rotterdam. After studying physics for two years at the Leiden University, Jerne moved to Copenhagen and changed his studies to the field of medicine. He graduated from the University of Copenhagen with a degree in medicine in 1947. Four years later, he was awarded the doctorate for his thesis, A Study of Avidity Based on Rabbit Skin Responses to Diphtheria Toxin-Antitoxin Mixtures.

Research positions

From 1943 to 1956 Jerne was a research worker at the Danish National Serum Institute and during this time he formulated a theory on antibody formation. It is said that Jerne got his revolutionary scientific idea while bicycling across the Langebro bridge in Copenhagen on his way home from work.

The antibody formation theory gave Jerne international recognition and in 1956 Jerne went to work for the World Health Organization in Geneva, where he served as the Head of the Sections of Biological Standards and of Immunology. He held this post for six years until moving to the United States and the University of Pittsburgh in 1962 to work as Professor of Microbiology and Chairman of the Department of Microbiology for four years. Jerne continued to do work for the World Health Organization as a member of the Expert Advisory Panel of Immunology from 1962 and onwards.

In 1966 Jerne moved back to Europe and took up the position of Professor of Experimental Therapy at the Johann Wolfgang Goethe University in Frankfurt. From 1966 to 1969 he was the Director of the Paul-Ehrlich-Institut, also in Frankfurt. In 1969 Jerne again switched jobs, this time to Basel in Switzerland, where he was the Director of the Basel Institute for Immunology until his retirement in 1980. During the 1970s and 1980s, Jerne was a pioneer in the development of immune network theory.

According to Jerne's biographer Thomas Söderqvist, Jerne was not a bench scientist, could not pipette accurately, and did not enjoy experimental work. His Nobel Prize was awarded for theories, rather than discoveries. Jerne developed the "natural selection theory of immunology", proposed by Paul Ehrlich 50 years earlier, although he was missing the clonal selection element proposed by David Talmage and then by Frank Macfarlane Burnet. It was met by skepticism among his colleagues at first, James Watson for example told Jerne bluntly that his theory "stinks".

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#5743.

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#2568. What does the medical term Diastole mean?

2138) Demand Draft

Gist

A demand draft is a way to initiate a bank transfer that does not require a signature, as is the case with a check. A demand draft is a prepaid instrument; therefore, you cannot stop payment on it in the case of fraud or mis-intended recipient.

Summary

A Demand Draft (DD) refers to a negotiable instrument that any Bank issues. A negotiable instrument means that it guarantees some specific amount of payment while mentioning the payee’s name.

In any situation, a DD cannot be transferred to another person.

Features of a Demand Draft

* A bank issues a DD to a person who directs any other bank or branch to pay some amount to a payee. You can either get a demand draft online or offline.
* As compared to the cheques, demand drafts are hard to counterfeit and are secure. This is because the person must pay before issuing a DD to the bank, while one can issue a cheque without ensuring sufficient funds in the bank account. Therefore, bouncing for cheques is a possibility, but DD assures timely and safer payments.
* A DD is also payable on demand. A beneficiary must present the instrument to the branch directly and cannot pay it directly to the bearer. One can also get it collected via the bank’s clearing mechanism.
* Mostly DD is issued when the parties are unknown to one another and do not have much trust. In such situations, it is handy as then there is no chance of counterfeiting and frauds.

Types of Demand Draft

There are two main types of demand drafts, as follows:

1. Sight Demand Draft

This is a DD type that is only approved and payable after verifying certain documents. If the payee fails to present the required documents, they will not receive the amount.

2. Time Demand Draft

This is a DD type that is payable only after a specific period, and it cannot be drawn from the bank before that.

How to Make Demand Draft?

* You can visit your bank or fill the online application that the bank offers
* You must provide the essential details like the bank account information, the payee’s full name, and the payee’s bank address
* Apart from these, you must also provide the money amount, currency of the amount, reason for payment, and the instructions about sending the DD (to you or directly to the payee)
* Additionally, you might also be required to pay some fees before issuing the demand draft.

When you can use a DD?

You can use a DD while making any online purchase of the items or while purchasing over the phone. You can also pay it if you have some recurring debits from the bank account, including the bill payments.

Other uses of a DD include:

* Return item fees
* Customer payments made remotely
* Transfer payments between various bank accounts.

Therefore, usually, telemarketers, credit card companies, utility firms, and insurance agencies accept DD.

Demand Draft Validity

It is common that people delay depositing their cheques or demand draft for credits into the bank account. There might be various reasons for the delays, but a person must be aware that the Reserve Bank of India has reduced the validity period for demand drafts and cheques.

According to the guidelines of the Reserve Bank of India, the negotiable instruments, including demand drafts, cheques, pay orders, etc., will only be valid for 3 months.

The time is reduced to prevent people from taking undue advantages and circulating the instruments as cash in the Market. RBI also directed all the banks and their branches to not proceed with any payment if any person presents an instrument beyond three months from the issuing date. If the validity of the demand draft expires, the DD purchaser must visit the concerned branch and submit an application for revalidation of the demand draft.

Demand Draft vs Cheque

A key difference between a demand draft and a cheque is that the bank issues a demand draft, and any individual can issue a cheque. There are other differences too, including:

* A bank customer draws a cheque, and the bank draws a demand draft
* The person can stop the payment of a cheque but not of a demand draft
* Demand draft is a prepaid instrument, and thus, it will surely be proceeded once issued. However, a cheque might Fail due to an insufficient balance in an account.

Details

What Is a Demand Draft?

A demand draft is a method used by an individual to make a transfer payment from one bank account to another. Demand drafts differ from regular normal checks in that they do not require signatures to be cashed. In 2005, due to the increasing fraudulent use of demand drafts, the Federal Reserve proposed new regulations increasing a victim's right to claim a refund and holding banks more accountable for cashing fraudulent checks.

KEY TAKEAWAYS

* A demand draft is a way to initiate a bank transfer that does not require a signature, as is the case with a check.
* A demand draft is a prepaid instrument; therefore, you cannot stop payment on it in the case of fraud or mis-intended recipient.
* Because demand drafts can be used to defraud people, there are regulations now in place that allow victims to recover funds from the holding bank.

Demand drafts are less flexible compared to other payment methods but may offer greater security compared to electronic payments or online payment systems.

Understanding Demand Drafts

When a bank prepares a demand draft, the amount of the draft is taken from the account of the customer requesting the draft and is transferred to an account at another bank. The drawer is the person requesting the demand draft; the bank paying the money is the drawee; the party receiving the money is the payee. Demand drafts were originally designed to benefit legitimate telemarketers who needed to withdraw funds from customer checking accounts using their bank account numbers and bank routing numbers.

For example, if a small business owner purchases products from another company on credit, the small business owner asks his bank to send a demand draft to the company for payment of the products, making him the drawer. The bank issues the draft, making it the drawee. After the draft matures, the owner of the other company brings the demand draft to his bank and collects his payment, making him the payee.

Because a demand draft is a prepaid instrument, payment cannot be stopped, whereas payment of a check may be denied for insufficient funds.

Process of Obtaining Demand Draft

To obtain a demand draft, choose the issuing bank or financial institution from which you want to obtain the draft. If you're not an account holder, visit the bank branch and provide additional identification and documentation. You'll often have to fill out an application form with the required details including the amount to be paid, the name of the payee, and other relevant information.

The bank often asks you to provide supporting documents such as proof of identification and address. This complies with Know Your Customer (KYC) regulations. After you pay the required fees, you'll receive the demand draft in your name with a unique draft number printed on special security paper.

When you receive the demand draft, check the demand draft details. Ensure all information is correct including the payee's name, amount, and instructions to ensure they match your requirements. From there, all that's left is to deliver the demand draft to the payee depending on your preference and bank's policies.

Demand Drafts vs. Other Payment Methods:

Demand Drafts vs. Checks

A demand draft is issued by a bank while a check is issued by an individual. Also, a demand draft is drawn by an employee of a bank while a check is drawn by a customer of a bank. Payment of a demand draft may not be stopped by the drawer as it may with a check.

Although a check can be hand-delivered, this is not the case with a demand draft. The draft may be drawn regardless of whether an individual holds an account at the bank while a check may be written only by an account holder.

Demand Draft vs. Wire Transfer

A demand draft is a physical payment instrument issued by a bank or financial institution representing a guaranteed form of payment as the purchaser pre-pays the funds. On the other hand, a wire transfer, also known as a bank transfer or electronic funds transfer (EFT), involves the electronic transfer of funds from one bank account to another.

The processing time for a demand draft may vary depending on factors such as the issuing bank and delivery method. However, wire transfers are generally faster than demand drafts. Often completed within hours or minutes, this allows for swift transfer of funds.

Banks typically charge a fee for issuing a demand draft, which may vary depending on the bank and the amount of the draft. Additional charges may apply for services such as courier delivery. Wire transfers usually also involve transaction fees, which can vary depending on the banks involved, the transfer amount, and whether it is domestic or international.

Demand drafts are commonly used for secure transactions such as large amounts, educational fees, property purchases, or settling financial obligations. This is the case where substantiation and secure payment delivery are highly important. Though wire transfers may also be used in this case, wire transfers are a more versatile form of payment that includes regular daily transactions of lower importance.

Demand Draft vs. Online Payment System

Online payment systems are digital platforms that facilitate electronic transactions over the Internet, allowing individuals and businesses to make payments or transfer funds between bank accounts or digital wallets without the need for physical instruments. Compared to demand drafts, online payment systems typically offer faster processing times, allowing transactions to be completed in real time.

While demand drafts often incur transaction fees, more and more online payment systems may also offer free transactions for certain transfers or within specific limits. This may be free transactions based on the number of quantities or free transactions based on the size of the transaction. Consider how popular shopping websites can easily facilitate online payments for free.

Online payment systems have gained significant popularity worldwide, used for various transactions, including e-commerce purchases, bill payments, peer-to-peer transfers, and subscription services. As noted above with wire transfers, demand drafts may be more suitable for more select types of transactions as opposed to online payments which may be used much more broadly.

How Long Does It Take for a Demand Draft to Clear?

The clearing time for a demand draft can vary depending on factors such as the banks involved and the method of presentation. It typically takes several business days for the demand draft to clear and for the funds to become available to the payee. The exact time frame can depend on the policies and processes of the banks involved.

What Fees and Charges Are Associated with Demand Drafts?

Fees associated with demand drafts include an issuance fee charged by the bank for providing the draft. Additionally, there may be additional charges for services like courier delivery if the draft needs to be sent to the payee through postal services or courier. The fees can vary between banks, so check with your bank for the specific charges.

Can I Cancel or Stop a Demand Draft?

Yes, demand drafts can generally be canceled or stopped by the purchaser. If a demand draft needs to be canceled, the purchaser should contact the issuing bank immediately and provide the necessary details. The bank will guide the purchaser through the cancellation process which may involve submitting a written request and paying cancellation fees.

Additional Information

A demand draft (DD) is a negotiable instrument similar to a bill of exchange. A bank issues a demand draft to a client (drawer), directing another bank (drawee) or one of its own branches to pay a certain sum to the specified party (payee).

A demand draft can also be compared to a cheque. However, demand drafts are difficult to countermand or revoke. Cheques can also be made payable to the bearer. However, demand drafts can only be made payable to a specified party, also known as pay-to-order. Demand drafts are usually orders of payment by a bank to another bank, whereas cheques are orders of payment from an account holder to the bank. A Drawer has to visit the branch of the Bank and fill the demand draft form and pay the amount either by cash or any other mode, and Bank will issue a demand draft. A demand draft has a validity of three months from the date of issuance of the demand draft. For instance, when enrolling in a college, an admission fee is required which can be paid through either cash or a demand draft. However, cheques are generally not accepted by most colleges. The primary reason behind this is that demand drafts are considered as a safer payment method than cheques, as the drawee is required to pay the amount indicated before the demand draft is released from the bank. On the other hand, a cheque may not be genuine, since the drawee is uncertain whether the drawer's bank account contains the required funds specified on the cheque. It is not compulsory for the drawer to be a bank customer and a demand draft comes with an official stamp for added authenticity.

Hi Gabriel,

Welcome to the forum!

Hi,

#5742.

Hi,

#2567. What does the medical term 'Systole' mean?