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

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LS polls: 22 expenditure observers deployed in Bihar

The Times of India 23 Mar 2019

PATNA ... Of the 22 observers, 20 are officers from Indian Revenue Service ... Contesting candidates also have to maintain separate registers for funds received as assistance for campaigning either through cash or bank cheque and demand draft ... A candidate is required to receive funds above Rs 10,000 only through cheque or demand draft ... ....

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22 expenditure observers deployed in Bihar

The Times of India 23 Mar 2019

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NSI admission 2019: Applications begun at National Sugar Institute, entrance exam in June

Indian Express 23 Mar 2019

NSI admissions 2019. The National Sugar Institute (NSI), Kanpur is inviting applications for admission to various courses. Interested candidates can start applying at the official website, nsi.gov.in ... Advertising ... The exam is scheduled to be conducted on June 10, 2019 ... Demand draft ... 1 WB government forms a panel to look into demands of aspiring teachers....

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Explainer: How much of the Mueller report must U.S. attorney general disclose?

Yahoo Daily News 23 Mar 2019

More. By Sarah N. Lynch and Jan Wolfe ... election, Attorney General William Barr must decide how much of the document - if any - to make public ... Bush ... In appointing Danforth, Attorney General Janet Reno specifically directed him to draft a report for public release on his findings, which he did. Rosenstein made no such demand on Mueller ... ....

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MP Tables Motion to Regulate Rogue Churches, Demands Draft Bill From AG

All Africa 22 Mar 2019

The process of regulating the formation and registration of churches and other religious institutions in the country has finally begun after Kigumo MP Muturi Kigano filed a motion in the National Assembly on Thursday compelling Attorney-General Kihara Kariuki to present a bill in the House within 90 days .......

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#WorldWaterDay: Big gaps in Cape Town's water management plan

Independent online (SA) 22 Mar 2019

Missing parts of the strategy include the uncertainty of future trends in climate, economic activities, population growth, water demand and infrastructure investment needs ... There is also the option of reducing water demand. The new draft strategy doesn’t specifically mention managing demand – it makes vague reference to the need to use water wisely....

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Suzanne Breen: Constant squabbling suits DUP and Sinn Fein down to the ground

Belfast Telegraph 22 Mar 2019

The Secretary of State yesterday said she was proposing a "focused set" of round-table negotiations to restore devolution ... Sinn Fein election posters can demand an Irish Language Act and same-sex marriage - even though under the draft deal the party reached with the DUP last year, it was content to re-enter the executive without the latter ... ....

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What India can learn US-CHINA TRADE DEAL

Deccan Herald 22 Mar 2019

Meanwhile, China is also gearing up to pass a new foreign investment law to provide a level playing field to global investors with legal safeguards on Intellectual Property Rights (IPR) and technology transfer, thereby meeting a key demand of the Trump Administration....

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Killings, torture and sexual abuse highlighted in US report on Sri Lanka

Tamil Guardian 21 Mar 2019

In October 2018, dozens of Tamil prisoners, including former LTTE cadres, across the counter held a hunger strike demanding an immediate resolution to their prolonged detention. They demanded that the government either to indict them or provide a pathway for their eventual release ... Tamils have consistently protested demanding the repeal of the PTA....

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Trump’s new executive order on campus free speech is more symbolism than substance

Vox 21 Mar 2019

Trump is tying free speech to federal research grant money. That’s already part of current law ... It’s a largely a symbolic move meant to satisfy a key demand of Trump’s conservative base. Trump first promised he would draft an executive order to protect free speech earlier this month during a speech at the Conservative Political Action Conference ... ....

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Invest Profitably Despite The Fed And The Banking System

Seeking Alpha 21 Mar 2019

Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) traveler's checks of nonbank issuers; (3) demand deposits; and (4) other checkable deposits (OCDs), which consist primarily of negotiable order of withdrawal (NOW) accounts at depository institutions and credit union share draft accounts....

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KSINC operates corp’s boat services sans agreement

The Times of India 21 Mar 2019

KOCHI ... The agreement has expired a couple of months ago ... The mayor has given instructions to the corporation secretary to prepare the draft agreement to be signed with KSINC and place it at the next meeting of the corporation council. The demand for plying the two Ro-Ro vessels at least from dawn to dusk is getting louder ... ....

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Mangaluru: ICICI Bank opens digital tax collection centre for MCC

The Times of India 20 Mar 2019

With this, tax payers can pay 23 types of taxes using digital modes of credit and debit card, in addition to cash, cheque and demand draft ... Additionally, they can also pay their taxes using cash, cheque or demand draft at any of the Bank’s branches across the city....