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.
The draft resolution, he said, demanded that people over the age of 60 should not be vaccinated with Eastern vaccines, and these should be approved by Brussels before being used in Hungary...Related article. Coronavirus. Opposition Proposes Scrapping VaccineRegistration ... featured image via Tibor Illy�s/MTI ....
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Timely release of funds by gov’t Stemming rising medicine price Keeping economic growth on track ...Lydia Dsane-Selby has said ... Lydia Dsane-Selby said ... Senior Advisor to the Finance Minister, Dr ... This year’s budget has been one of the toughest ever drafted in the history of the country as the expenditure demands far outweigh expected revenue inflows ... ....
IcfaiTech, Hyderabad, is holding the admission test for Icfai Tech (ATIT) 2021. The ATIT 2021 has two phases ... Whereas, phase 2 of the exam, will be held from June 12 to 20 ... If a candidate chooses for the second optio, then they need to send it to the ICFAI Admissions Office along with the application fee DemandDraft via speed post or courier ... Tags ... x ... .
This is the sixth in a series previewing each position in the April 29-May 1 NFL draft ...It’s a great year to be looking for a capable offensive tackle in the NFL draft. An average of 8.6 tackles have been drafted in the first 100 picks over the past 10 years ... The Bills could add a tackle late in the draft.
New Delhi. The investors of the six shut schemes of Franklin TempletonMutual Fund are set to receive Rs 2,962 crore in the coming week ... In case the unitholders' bank account is not eligible for an electronic payment, a cheque or demand draft will be issued and sent to their registered address by SBI MF ... . .
“Oyo Hotels appealed the order in front of the NCLAT and explained that a demand draft of INR 16 lakhs was issued to the claimant under protest and the claimant has willingly banked the demand draft,” an Oyo spokesperson told Zenger News... “Oyo has paid that under protest and amount banked by the claimant,” he said in a tweet ... Let’s see.” ... ....
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Earlier, the fund house had distributed Rs 9,122 crore in February ... The fund house also informed that investors with KYC-compliant accounts will receive money through online transfers or by cheque/demand draft if the investor has not registered for online payment ... .