What is single transferable vote?

This vote is exercised in Presidential election. Each voter exercises many options by way of preferences. If his first preference candidate fails to secure necessary majority, his vote will be transferred to second preference and so on until a candidate is elected.

it is simple that if one of participant in elections of president fails to accomplish the options he is offered then his vote is transfered to other participant.

A single transferable vote is a preferential voting system based on the proportional representation.

This vote is exercised in Presidential election. Each voter exercises many options by way of preferences. If his first preference candidate fails to secure necessary majority, his vote will be transferred to second preference and so on until a candidate is elected.

Thanks gulshan kumarji for explaining so nicely, even i didn't knew this