Recently Reserve Bank of India has issued a notification vide RBI/2011-12/ 250, DBOD.BP.BC. No. 49 / 21.01.001/2011-12 November 4, 2011 regarding instruction to issue Account Payee Crossing Drafts of Payment of Rs. 20000/- and above to Scheduled Commercial Banks, it is mandatory.
Opinion regarding Notification:
The credit parties can't be convert in to Cash at Cash Counter due to Demand Draft Account payee Crossing. Else it is easy to get cash at Cash Counter of Bank if not Accounting payee Cross Draft. Some Credit parties are taking undue advantage of uncrossing Account payee Demand Draft and they cash at Cash counter at Bank.
Opinion regarding Notification:
The credit parties can't be convert in to Cash at Cash Counter due to Demand Draft Account payee Crossing. Else it is easy to get cash at Cash Counter of Bank if not Accounting payee Cross Draft. Some Credit parties are taking undue advantage of uncrossing Account payee Demand Draft and they cash at Cash counter at Bank.
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