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.
4 overall pick out of the 2020 NBADraft had a nice season, resulting in being selected to the NBA’s All-Rookie Second Team. But the skillset demands more from Williams, as he has a chance to be the dominant two-way forward the league covets ... THE DRAFT If the Bulls get lucky and ...
Photographs show protesters in their homes, on rooftops and even underwater, holding placards, demanding "justice" ... The forum says the policy could result in eviction and displacement of locals and is demanding Mr Patel's removal and withdrawal of the draft law.
According to the Prime MinisterOffice, the 46th meeting of the CCI discussed in detail the draft NationalElectricityPolicy 2021 ... A source in the PM Office told Dawn that Sindh has some 15 objections over the new electricity policy which had been addressed and the province’s demands would be incorporated in the draft policy.
Popular spots could demand up to $3.00per hour, still a bargain for premium access ... At least not until a stripped-down planning department can commit to the multi-year process of overhauling zone-by-zone parking minimums and drafting transportation demand management rules for new developments.
VostGOK miners demand that the authorities speed up consideration of a draft law on state support for their enterprise, which they believe to be the solution to key issues in the company's performance, including the financial aspect.
The delivery workers union strongly demanded Thursday the government step in to complete the on-going negotiation to prevent overwork ... The two sides, however, failed to narrow differences on the demand of postal service workers that a final draft specifically mention that Korea Post, the national postal service, will implement an agreement.
The draft policy framework was published for public comment on May 14 ... “Over the last four years, Ndifuna Ukwazi has been objecting to multiple exclusive private developments across Cape Town with the demand for IH as a means to promote race and class integration.”. The Draft ...
We are looking for a dynamic, passionate, and experienced individual who wants to contribute to accelerating the decarbonization of finance ... You will look to influence their climate demands from issuers, including Total, Deutsche Bank, or Engie; you will support the drafting of public letters and resolutions for AnnualGeneral Meetings... Benefits ... .
Centrist Democrats led by Sen. Joe ManchinJoe ManchinSen ... Asked if he would commit to support a reconciliation package, Manchin said ... Sens ... Democratic centrists say this is an unrealistic demand ... Manchin later told reporters that he would never demand such an ironclad commitment from colleagues on a bill that hasn’t even been outlined or drafted ... ....
He demanded withdrawal of the proposed Section127 of Income Tax Ordinance 2001 which has made filing of appeal contingent upon depositing 100pc disputed tax amount ... Mr Usman strongly demanded the FBR to share draft list of proposed additional custom duty and regulatory duty in the draft SROs so that anomalies can be arrested before their issuance.
An earlier draft ... “We will ensure economic recovery by deploying all policy tools while tapping external demand, with the resolve never to push Japan back into deflation,” the draft read, citing green, digital, local regions and childcare as key areas of investment.
The first batch of Supplementary Demands for Grants for 2021-22 is proposed to ... According to the memorandum, the proposals along with the draft statement justifying supplementary demands to be included in the first batch should be forwarded to the BudgetDivision by latest June 21.
Jun. 16—I have got a power of attorney coupled with interest given against sale consideration. The power was given against paying full consideration by demand draft. But when I went to get the sale deed registered in my favour, the ... .
The two parties failed to narrow down differences on demands by postal service workers that a final draft specifically mention that Korea Post, the national postal service, will implement an agreement, and decided to continue to negotiate toward a complete deal.