Demand draft to bear name of purchaser from September 15: RBI notification
July 13, 2018
New Delhi: The Reserve Bank of India has directed banks to incorporate the name of purchaser in demand draft with effect from September 15 in a bid to prevent possible misuse for money laundering. From September onwards, issuing banks have been asked to incorporate the name of the purchaser on the face of the demand draft, pay order, and banker’s cheques. These instructions shall take effect for such instruments issued on or after September 15, 2018.
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