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

RBI/2011-12/ 250 DBOD.BP.BC. No. 49 / 21.01.001/2011-12 November 4, 2011 The Chairmen / Chie .....

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..... f Executives of All Scheduled Commercial Banks (excluding RRBs) Dear Sir, Issue of Demand Drafts for Rs. 20,000/- and above As banks are aware, instruments with account payee crossing are required .....

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..... to be credited to the payee's account and not paid in cash over the counter. However, some unscrupulous elements use demand drafts without any crossing for transfer of money as an alternative to settl .....

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..... ement through cash. 2. In order to address the regulatory concerns that have arisen in this context, banks are advised to ensure that demand drafts of Rs. 20,000/- and above are issued invariably wit .....

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..... h account payee crossing. Yours faithfully, (Deepak Singhal) Chief General Manager -In - Charge.
News - Press release - PIB .....

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