A demand draft is a negotiable instrument similar to a bill of exchange. A bank issues a demand draft to a client (drawer), directing another bank (drawee) or one of its own branches to pay a certain sum to the specified party (payee).
A demand draft can also be compared to a cheque. However, demand drafts are difficult to countermand. Demand drafts can only be made payable to a specified party, also known as pay to order. But, cheques can also be made payable to the bearer. Demand drafts are orders of payment by a bank to another bank, whereas cheques are orders of payment from an account holder to the bank.
Definitions and regulations by region
In United States
Demands drafts are also known as sight drafts, as they are payable when presented by sight to the bank. Under UCC 3-104, a draft has been defined as a negotiable instrument in the form of an order. The person making the order is known as the drawer and the person specified in the order is called the drawee, as defined in the UCC 3-103. The party who creates the draft is called the maker and party who is order to pay is called the drawee.
A British delegate rebutted Russia's stance, saying, "We do not believe the text as drafted goes far enough." ... China demanded the committee add language to the draft toward ensuring the nuclear propulsion system for submarine engines will not be diverted to create nuclear weapons.
After that shooting, state leaders gave districts more money for security and demanded better planning and training if someone arrived on a campus with a weapon. Abbott’s staff drafted a 40-page list of recommendations, which informed state policy through the resulting Senate Bill 11 and included the launch of iWatch Texas...1-7 ... ....
“The City said it wanted to understand whether or not there is demand for our services, and it’s clear there is ...UrbanMobility Mayco member Rob Quintas said the City would not be lifting the moratorium until it completes its metered-taxi demand method and incorporate it in the draft Operating Licensing Plan.
IRCTC Recruitment 2022 ... Interested candidates can appear for walk-in-interview between 17 August to 1 September 2022. To apply for the above posts, the candidate should have 3-year full time B.Sc ... The selected candidate will get Rs. 30,000/-p.m ... PwC survey ... The selected candidate(s) have to furnish a security deposit in the form of DemandDraft for Rs ... .
“No comments were received from applicant on this behalf and the office after giving time of six years ultimately rejected the case and returned the demand draft deposited by the applicant for conversion vide memo dated 11.2.15.” ... Singh deposited a demand draft of Rs 50,000 along with undertaking by way of affidavit as specified on 4.8.21.
Residents of Sukhdev Vihar and , located close to the waste-to-energy (WTE) plant, had requested the lieutenant governor’s intervention in the long demanded closure of the facility, but ahead of the public hearing on the draft environmental impact assessment (EIA), the residents ...
China, where Covid-19 lockdowns remain widespread, will eventually reopen its cities to more commerce and traffic, increasing demand ... Prices could ease further if Iran agrees to a new draft nuclear agreement after it backed off from its demand that the Revolutionary Guard be removed from the U.S.
When formulating plans of how to fill out positions for his highly successful Hilltopper football team, Hewitt and his staff treat it somewhat like a lopsided fantasy football draft ... But the defense is stacked — with talent and draft picks ... 2-through-12 draft picks on his team’s roster.
Residents of Sukhdev Vihar and HajiColony, located close to the Okhla waste-to-energy (WTE) plant, had requested the lieutenant governor’s intervention in the long demanded closure of the facility, but ahead of the public hearing on the draft environmental impact assessment ...
Iran faced the European Union’s unofficial deadline to accept the final draft to revive the 2015 nuclear deal on Monday by keeping up with its demands ... talks in Vienna, the draft that the EU has called final “did not completely reach Iran’s legal demands.”.