Incorporation of Name of the Purchaser on the Face of the Demand Draft - ಆರ್ಬಿಐ - Reserve Bank of India
Incorporation of Name of the Purchaser on the Face of the Demand Draft
RBI/2018-19/14 July 12, 2018 The Chairperson/CEOs of all Scheduled Commercial Banks including Dear Sir/Madam, Incorporation of Name of the Purchaser on the Face of the Demand Draft In order to address the concerns arising out of the anonymity provided by payments through demand drafts and its possible misuse for money laundering, it has been decided that the name of the purchaser be incorporated on the face of the demand draft, pay order, banker’s cheque, etc., by the issuing bank. These instructions shall take effect for such instruments issued on or after September 15, 2018. Accordingly, Section 66 of the Master Direction on KYC dated February 25, 2016, as amended on April 20, 2018, has been amended and following paragraph has been added:
2. You are advised to ensure compliance with the above. Yours faithfully, (Dr. S. K. Kar) |