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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The Independent 16 Nov 2018

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Hindustan Times 16 Nov 2018

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Embattled May sticks by Brexit plan amid growing rebellion

CNN 16 Nov 2018

The interview with radio station LBC followed a wave of resignations Thursday, with seven members of her government quitting over the draft Brexit deal, and vocal demands for her to step down as leader ... Conservative MPs lined up Thursday to declare that they had submitted letters to party officials demanding a vote of confidence in May's leadership....

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Yahoo Daily News 15 Nov 2018

BRUSSELS (Reuters) - Dominic Raab tripped up on Michel Barnier's Brexit staircase -- that is how EU negotiators see how the reworking of a draft deal reached a month ago led to new demands on Britain that prompted him and other ministers to resign....

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How Britain's Raab tripped on "Barnier's staircase"

This is Money 15 Nov 2018

BRUSSELS, Nov 15 (Reuters) - Dominic Raab tripped up on Michel Barnier's Brexit staircase -- that is how EU negotiators see how the reworking of a draft deal reached a month ago led to new demands on Britain that prompted him and other ministers to resign....

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'Soft' Brexit agreement not a done deal, warn EU leaders

The Guardian 15 Nov 2018

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Scotsman 15 Nov 2018

As I write, two senior Ministers have resigned from Theresa May's Cabinet because they cannot support the draft Withdrawal Agreement published yesterday evening ... Key points from the 585-page draft deal ... What the Prime Minister asked Cabinet for yesterday was that the draft agreement be allowed to proceed to the next phase....

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Alun Cairns says Brexit deal 'compromise not capitulation'

BBC News 15 Nov 2018

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Brexit Chaos: With Tory Government in Shambles, Jeremy Corbyn Demands Theresa May Withdraw 'Half-Baked' Brexit Deal

Common Dreams 15 Nov 2018

Prime Minister Theresa May's attempts to negotiate a Brexit deal with the European Union descended into complete chaos on Thursday after her Brexit secretary and other key ministers resigned over a newly released draft agreement, Labour Leader Jeremy Corbyn demanded from the ......

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How Britain's Raab tripped on 'Barnier's staircase'

Reuters 15 Nov 2018

Dominic Raab tripped up on Michel Barnier's Brexit staircase -- that is how EU negotiators see how the reworking of a draft deal reached a month ago led to new demands on Britain that prompted him and other ministers to resign ... ....

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Brexit: Theresa May braced for more cabinet resignations after day of chaos leaves deal facing ...

The Independent 15 Nov 2018

... take the job of Brexit secretary – dramatically vacated by Dominic Raab – when the prime minister rejected his demands....

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Thankful for meaningful parks discussion

Independent Record 15 Nov 2018

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Theresa May faces no confidence threat, Indian-origin minister quits in fresh Brexit jolt

Moneycontrol 15 Nov 2018

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