DBOD.BP.BC. No. 49/21.01.001/2011-12 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. 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 [...]
Archive for November, 2011
Issue of Demand Drafts for Rs. 20,000/- and above
Posted in Business on November 6, 2011 | 2 Comments »
Collection of account payee cheque – Prohibition on crediting proceeds to third party account
Posted in Business on November 6, 2011 | 1 Comment »
Ref: DBOD.BP.BC No. 56 / 21.01.001/ 2005-06 Collection of Account Payee Cheques -Prohibition on Crediting Proceeds to Third Party Account Please refer to our circular DBOD.BP.BC.No.56/21.01.001/2005-06 dated January 23, 2006 in terms of which banks are prohibited from crediting ‘account payee’ cheques to the account of any person other than the payee named therein. 2. [...]
Cheques/Drafts/Pay Orders/Banker’s Cheques validity limited to 3 months
Posted in Business on November 6, 2011 | 1 Comment »
The Reserve Bank of India issued a notification on Friday saying that from April 1, 2012, banks, drafts, pay orders and bankers’ cheques will have to be presented within three months of the date of issue of these instruments. The change has been prompted by instances of misuse of the payment instruments. Banks have been [...]
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