TIOL-DDT 1728 · Tuesday, 8 November 2011 · story 7 of 8
Issue of Demand Drafts for Rs 20,000/- and above - RBI Instructions
By Vijay Kumar
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. RBI now directs that demand drafts of Rs. 20,000/- and above are issued invariably with account payee crossing