Demand draft

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.

This page contains text from Wikipedia, the Free Encyclopedia - https://wn.com/Demand_draft

Latest News for: Demand draft

Tito Mboweni bemoans public sector wages, state capture 'shenanigans'

Independent online (SA) 21 Oct 2018

So this idea to demand from government to produce money - from where?” ... “Let’s look at what we can demand from our government and also be cognisant of how the system works ... Feeling pressure from the unions and in a bid to avoid mass actions and strike on the eve of the 2019 general elections, the government succumbed to public sector union demands by tabling a draft wage agreement with proposals favourable to unions....

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Drama in the courtroom as DSK investors raise refund concerns

The Times of India 21 Oct 2018

PUNE. Commotion erupted in the courtroom presided over by special judge D G Murumkar on Saturday, as several investors — mostly senior citizens — raised concerns over the delay in the refund of their hard-earned money deposited with developer D S Kulkarni (DSK) and his group of companies ... Shrikant Shivade, representing Kulkarni, told the court that he had deposited demand drafts in the name of district judge ... ....

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Saibaba samadhi centenary celebrations: Shirdi temple gets Rs 5.9 cr donation from devotees

Zeenews 21 Oct 2018

The temple also received Rs 1.41 crore through online donations, debit cards, cheques and demand drafts, she said ... ....

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Saibaba temple gets Rs 5.9 crore donation on samadhi centenary

The Economic Times 21 Oct 2018

The temple also received Rs 1.41 crore through online donations, debit cards, cheques and demand drafts, Shri Saibaba Sansthan CEO Rubal Agrawal said ... ....

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AP Top Business News at 1:38 a.m. EDT

News-Press Now 21 Oct 2018

Marchers clog streets of London to demand new Brexit vote. Italy approves final budget draft yet vows dialogue with EU ... The Latest ... ....

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The Latest: EU wants probe into Saudi’s death to continue

Wtop 21 Oct 2018

ISTANBUL (AP) — The Latest on the fallout from the killing of Saudi journalist Jamal Khashoggi at his country’s consulate in Istanbul (all times local).. 9.45 a.m ... 2, the latest in a series of conflicting explanations for his death ... Congo rebels kill 2 health agents fighting Ebola World News Marchers clog streets of London to demand new Brexit vote World News Italy approves final budget draft yet vows dialogue with EU World News. ....

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OPS pays IAF ₹14.91 lakh for airlifting ailing brother

The Hindu 20 Oct 2018

Deputy Chief Minister O. Panneerselvam last month paid ₹14.91 lakh through the State government to the Indian Air Force (IAF) for airlifting his brother O. Balamurugan from Madurai to Chennai for the latter’s “emergency medical treatment” ... On realisation of the funds, the Public (Special-B) Department made a payment of ₹14.91 lakh in favour of the Controller of Defence Accounts on September 11 through a demand draft ... .......

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Draft health policy likely to be devised within a week

Dawn 19 Oct 2018

The Khyber Pakhtunkhwa government is formulating a draft of health policy and devising a strategy for its implementation to improve healthcare along with strengthening regulations as part of the first 100-day agenda of the ruling PTI, according to officials ... A core group is likely to formulate a draft along with strategy for its implementation within a week....

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Euro - To Big Risk For Such A Small Prize

Seeking Alpha 19 Oct 2018

Financial Times reported that the bond sell-off accelerated after the European Commission presented Italy with a letter that raised concerns about the country's draft budget that failed to comply with the EU rules ... The EU Commission now has to formally review the draft budget and, if necessary, demand adjustments and a lower deficit by 30 November ... I, therefore, expect that the US dollar will be in demand in the coming months....

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What the EU Looks for in the Budgets of Italy and Others

The Washington Post 19 Oct 2018

For nations of the European Union’s single currency area, the annual budget process isn’t over when a budget is drawn up. The European Commission also gets a say. In Italy’s case, the response from Brussels took less than three days. In a letter to the Italian government, the EU leadership said the draft included an unprecedented “deviation,” and it demanded an explanation ... ....

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Is Theresa May any closer to a Brexit deal after Brussels summit?

The Observer 19 Oct 2018

Not quite ... Quick guide Why extend the Brexit transition period? ... The mooted extension to the transition period is a new idea being put forward by the EU to help Theresa May square the circle created by the written agreement last December and the draft withdrawal agreement in March.  ... Judging by Michael Gove’s demand last week for formal legal advice on the implications of any new draft text, levels of trust are not exactly high ... ....

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Two debatable draft laws

Dawn 18 Oct 2018

Both demand thorough deliberation. The first draft law, the Protection against Enforced Disappearances Act, 2014, is meant to replace the Commission of Inquiry into Enforced Disappearances with a somewhat more effective tribunal. This bill was obviously drafted in 2014 ... The bill criminalises enforced disappearance, something the UN agencies and national human rights organisations have been demanding for years....

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NBA Rumors: Ex-Cavaliers Trainer Reveals Real Reason Why Kyrie Irving Demanded Trade From Cleveland

Inquisitr 18 Oct 2018

In August 2017, Kyrie Irving was traded to the Boston Celtics in exchange for Isaiah Thomas, Jae Crowder, Ante Zizic, and draft picks. When Irving demanded a trade, rumors started to circulate ......

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