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My organization invests money in the money market on a short term monthly basis with three banks ranging USD700000.00,USD400000.00 & 350000.00 the money is recalled on maturity and reinvested back into the banks.The interest received is credited interest income account .What are the correct procedures for these transaction if they are really Financial Instruments?Most worrisome is the instruction to debit our bank account is done by telephone without any documentation authorising the bank to reinvest the funds elswhere?Please comment again on this!
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