Issue of Demand Drafts for Rs. 20,000/- and above.

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..... Issue of Demand Drafts for Rs. 20,000/- and above. - News and Press Release Dated:- 5-11-2011 - News - RBI/2011-12/ 250 DBOD.BP.BC. No. 49 / 21.01.001/2011-12 .....

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..... November 4, 2011 The Chairmen / Chief Executives of All Scheduled Commercial Banks (excluding RRBs) Dear Sir, I .....

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..... ssue of Demand Drafts for Rs. 20,000/- and above As banks are aware, instruments with account payee crossing are required to be credited to the payee's account and not paid in cash over the counter .....

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..... . However, some unscrupulous elements use demand drafts without any crossing for transfer of money as an alternative to settlement through cash. 2. In order to address the regulatory concerns that h .....

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..... ave arisen in this context, banks are advised to ensure that demand drafts of Rs. 20,000/- and above are issued invariably with account payee crossing. Yours faithfully, (Deepak Singhal) Ch .....

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..... ief General Manager -In - Charge. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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