Operation by which the central bank, after checking and counting the A banknote (or ‘bill’ as it is often referred to in the US) is a type of negotiable promissory note, issued by a bank or other licensed authority, payable to the bearer on demand. More delivery from a banking entity, credits or debits the entity’s account with the difference, if any, in relation to the amount initially credited. See System whereby the total value of banknotes delivered by a financial institution to the central bank will be credited on the same day the delivery is made, even if the veracity and accuracy of the information provided is not verified by the detailed counting and validation of the delivered banknotes. The system involves the settlement of any differences on the account of the financial institution at the central bank. See also Settlement of differences. More.