RBI moves to plug money laundering avenue - Important Insurance Online
The Reserve Bank of India (
RBI
) has made it mandatory to mention the name of the person on the front of the
demand draft
while purchasing it at a bank branch. At present, the DD form only asks for the name of the entity or person in whose favour it is to be prepared.

According to the RBI's notification, "in order to address the concerns arising out of the anonymity provided by payments through demand drafts and its possible misuse for money laundering, RBI has decided that the name of the purchaser be incorporated on the face of the demand draft, pay order, banker's cheques, etc., by the issuing bank. These instructions shall take effect for such instruments issued on or after September 15, 2018."
In the past, RBI has taken several other initiatives to avoid money laundering. Already, any remittance of funds by way of demand draft above Rs 50,000 had to be effected by debit to the customer's account or against cheques and not against cash payment. However, mention of name was not required even there. Now, even for DD above Rs 50,000 the name is required.
RBI's earlier measuresBanks have to ensure that drafts of small amounts are issued by their branches against cash to all customers irrespective of the fact whether they are having accounts with the banks or not. Banks should not refuse to accept small denomination notes from the customers (or non-customers for issuance of the drafts).
RBI has also been taking measures to bring down the incidence of frauds perpetrated through bank drafts built into the draft form itself. All superscriptions about validity of the demand draft need to be provided at the top of the form.
Duplicate draft, in lieu of lost draft, up to and including Rs 5,000 may be issued to the purchaser on the basis of adequate indemnity. Thereafter, banks should issue duplicate demand draft to the customer within a fortnight from the receipt of such request. Further, for the delay beyond this stipulated period, banks were advised to pay interest at the rate applicable for fixed deposit of corresponding maturity in order to compensate the customer for such delay.  

RBI moves to plug money laundering avenue

The Reserve Bank of India (
RBI
) has made it mandatory to mention the name of the person on the front of the
demand draft
while purchasing it at a bank branch. At present, the DD form only asks for the name of the entity or person in whose favour it is to be prepared.

According to the RBI's notification, "in order to address the concerns arising out of the anonymity provided by payments through demand drafts and its possible misuse for money laundering, RBI has decided that the name of the purchaser be incorporated on the face of the demand draft, pay order, banker's cheques, etc., by the issuing bank. These instructions shall take effect for such instruments issued on or after September 15, 2018."
In the past, RBI has taken several other initiatives to avoid money laundering. Already, any remittance of funds by way of demand draft above Rs 50,000 had to be effected by debit to the customer's account or against cheques and not against cash payment. However, mention of name was not required even there. Now, even for DD above Rs 50,000 the name is required.
RBI's earlier measuresBanks have to ensure that drafts of small amounts are issued by their branches against cash to all customers irrespective of the fact whether they are having accounts with the banks or not. Banks should not refuse to accept small denomination notes from the customers (or non-customers for issuance of the drafts).
RBI has also been taking measures to bring down the incidence of frauds perpetrated through bank drafts built into the draft form itself. All superscriptions about validity of the demand draft need to be provided at the top of the form.
Duplicate draft, in lieu of lost draft, up to and including Rs 5,000 may be issued to the purchaser on the basis of adequate indemnity. Thereafter, banks should issue duplicate demand draft to the customer within a fortnight from the receipt of such request. Further, for the delay beyond this stipulated period, banks were advised to pay interest at the rate applicable for fixed deposit of corresponding maturity in order to compensate the customer for such delay.  

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