Thursday, November 24, 2011

A list of top ten qualities that make a good leader

In order to be successful, there are certain traits a leader must possess, along with a commitment to learn and grow. Here is a list of top ten qualities that make a good leader.


· Deliver clear, consistent communication. Of course there are no guarantees everyone will understand the communication the way you meant it. At least if you're clear and consistent, you minimize the possibility of misinterpretation or gaps in the lines of command.


· Learn from your mistakes and miscommunications. If you keep making the same mistakes, you are not being a leader. You are just being insane. Learning from your mistakes requires a willingness to self-evaluate, and a commitment to the utmost integrity.


· Be charismatic. What this means is to be present in the moment. Show up as who you are and not the way you think you should be. Charisma also requires a sense of humor!


· Be unstoppable. Obstacles and challenges are bound to arise. If you stop to carefully examine the obstacle you will not get past it. Keep looking toward your goals, and obstacles will have nothing on you.


· Have vision. Know why you are doing what you are doing, and have it be about something or someone other than you (or money). Vision will help you be unstoppable and inspiring.


· Be inspiring. Ask yourself, "Would you follow you?" If the answer is no, "Stop, drop and roll" and get yourself back in alignment. Get yourself to "Yes." Take action! And be the inspiring leader you know you truly are.


· Support the people around you. The measure of a great leader is the success of the people he or she leads. If the people around you are learning and growing, you're doing something right.


· Be willing to change direction. Stubbornly charging toward a particular goal in a particular way is a recipe for disaster. Flexibility will allow for unexpected expansion and miraculous results. Keep looking for the next way to grow.


· Be committed. Dabblers and dilettantes will not get very far in leading anyone. Leaders can be counted on to be 100% in the game and to ride out the ups and downs.


· Know that it's a game, and play full-out. Play a BIG game. That way if you win, you win, and if you lose, you win.

source :

Success Lessons from Steve Jobs

When Steve Jobs died on 5 October, many commentators wondered whether Apple Inc.—the company he co-founded and led through many years of profit and innovation—could continue to thrive without him.


After struggling with cancer, Jobs stepped down from his post as Apple's chief executive officer (CEO) in August, yet his impact on the company remained profound. After all, Apple's innovations—from the personal computer to the iPod to the iPhone—changed the way the world communicates and plays. Following Jobs' death at the age of 56, many argued that Apple's future was now in doubt.


This debate got me thinking about leadership and whether there is one right way to build a great company. Comparing my own experiences at Virgin and Jobs' at Apple was illuminating, since we both built our companies over the past five decades, but we did so in very different ways.


Jobs' ideas about how people should interact with technology and his single-minded pursuit of that vision led him to create a company with a culture that combined obsessive attention to design with highly inventive technology. Computer use was limited to industry and business until he and his team introduced the Apple II in 1977, which transformed computing and our daily lives.


Apple also led a revolution in the music industry when the company introduced the iPod and iTunes in 2001; while the later release of the iPhone and iPad fuelled the creation of a whole industry of application developers. Jobs' passion for great design was the foundation of what is now one of the world's most respected brands.


When my friends and I were building Virgin, we had to approach things very differently, because our vision was not founded on a product, but on service. Our culture arose from our constant engagement with our customers and each other. This led us to build a company devoted to customer service and staff engagement; to providing great value and maintaining a sense of fun in everything we do—and our company has gone on to open hundreds of businesses in many different industries.


Jobs tended to be autocratic, taking a top-down approach, while I have always believed in the art of delegation—one of my primary jobs is finding the best possible people for Virgin and giving them the freedom and encouragement to flourish. When I set up Virgin Records, I even moved out of the office and set up my desk in a houseboat. My thinking was and is that if you are not always available, it forces other people to call the shots, which in turn improves their own leadership skills, builds their confidence, and strengthens your business.


So how is it that our very different paths have both resulted in the creation of successful companies? I believe it comes down to our pursuing our passions—we both truly enjoyed and believed in what we were doing. Because you are far more likely to be persistent, inspired and dedicated if you love what you do, and if you eventually make something you are truly proud of, that filters down to your staff and your customers. This was true of Steve Jobs, and for this reason, despite our vastly different styles, he was always the entrepreneur whom I most admired.


Looking back over Jobs' life, he never lost sight of his love for the company he founded, despite being ousted from Apple in 1985. Once outside Apple, he transferred that energy, founding a small company called Pixar which achieved stunning artistic and technological feats and transformed the field of computer animation. When he was asked to return in 1997, he led the flagging company to new heights, and then continued working throughout his illness. For me, leading Virgin has been my great adventure: challenging, exciting and creative; this is something I would do if there was no money in it at all.


Sometimes pursuing your vision means that you will have to ignore others' warnings and even jeers. I have written about my decision to start Virgin Airlines and then Virgin Blue (now Virgin Australia): so many of my decisions have gone against the advice of industry analysts, management gurus and sometimes my closest advisers.


In Jobs' case, the products he and his team envisioned were so different that the stock price usually dropped after one of Apple's products was first introduced to the public, because shareholders and experts were so certain the company was headed in the wrong direction. This happened again with the release of the iPhone 4S earlier this month, and now sales of this device have broken all previous records at Apple.


As you pursue your own entrepreneurial vision, take heart if building your company involves overcoming obstacles and ignoring your critics. Pursue your passion; admit when you encounter something you are not good at, and either delegate it or find a way around it (even Jobs hired great professionals to lead public relations efforts, and he famously formed alliances with Apple's competitors, International Business Machines Corp., or IBM, and Microsoft Corp.); and when things go wrong, pick yourself up and keep going. This is an adventure that takes courage and conviction.


Throughout his life, Jobs encouraged everyone he worked with to "think different". It is advice I have taken to heart. He meant entrepreneurs; he meant you

By :By Richard Branson

Sir Richard Charles Nicholas Branson (born 18 July 1950) is an English business magnate, best known for his Virgin Group of more than 400 companies. Branson is the 4th richest citizen of the United Kingdom and 254th richest person in the world, according to the Forbes 2011 list of billionaires, with an estimated net worth of US$4.2 billion

Various types of MBA

MBA specialisations and MBA types are two different things. Read on!


The 1st MBA programme in the world was offered way back in 1908 at the Harvard University and since then the course has evolved a lot according to the needs of various businesses. Now you have numerous specialisations of the basic programme. We will discuss some of the most common and popular MBA specialisations here:

· Finance: An MBA specialising in financial management will focus on management accounting and control, the Indian capital and money market, banking, privatisation and international finance. The course will emphasize on various aspects of financial theories, identification of best managerial practices in the area and global practices of applications. An MBA in finance is among the most popular specializations as growth prospects in this field are immense. You can look out for exciting careers in banks, financial consultancies and financial institutions. One can get involved in consumer and investment banking, institutional finance, merchant banking, corporate finance and international finance.


· HR: Human resource management, as the name suggests would teach you all about recruiting, training, team building, performance updates, employee policy, salary, benefits and increments, employee health and safety as well as staff amenities. If you've got good people skills and can handle tough situations well, you can go a long way in this field.


· IT: In this technologically advanced world, no business can run without a solid IT support. The bigger a business, the more extensive is its IT support. And that is why we have this specialisation in MBA - Masters of Business Administration (MBA) in Information Technology (IT). An MBA in Information Technology Management is designed to educate and develop managers who can effectively manage the planning, design, selection, implementation, use, and administration of emerging and converging information and communications technologies.


· Logistics & Operations: Companies now need a new kind of supply chain/logistics/operations manager and this need has led to the creation of an MBA in Supply Chain Management or Logistics & Operations. Operations Management is the function of managing the operating core of an organisation: the activities associated with creation, production, distribution and delivery of the organisation's goods and services.


· Sales & Marketing: Even though marketing and sales differ greatly, they have the same goal.  Both handle very similar concepts and work together for sales to be successful. An MBA in marketing will help you enhance your skills & knowledge in the field of marketing, advertising, public relations etc.


· Retail : The retail sector in India is all set for extraordinary growth and is estimated to be worth $637 billion by the year 2015. An MBA specialisation in this industry is not only a wise choice but one that will reap dividends for you! A people-oriented industry, retailing came to India in the mid-80s. A retail professional is primarily involved in selling products and services to consumers.

MBA programmes can be of different types:

· Two-year (Full Time) MBA: Most of the programmes offered in India fall under this category.  The IIMs and other autonomous business schools offer a post-graduate diploma in management (PGDM) or Post Graduate Programme in Management (PGPM) which in India are equivalent to an MBA degree. Government accreditation bodies such as AICTE state that autonomous business schools can offer only PGDM or PGPM, whereas an MBA can be awarded only by a university, in two-year full-time program. The syllabi of the PGDM/PGPM and MBA degrees are more or less the same, although the MBA degree is examination oriented and focuses on theoretical aspects of management whereas the PGDM/PGPM is industry-oriented, make use of the case-study method of instruction, and mainly concentrates on building your soft skills. 


· Accelerated MBA: It is a condensed variation of the full-time MBA and hence involves intense and tightly packed classes.Part-time MBA: This is the best option for working professionals. Classes are held only on weekends or on weekdays after working hours. So part-time MBA programs usually last 3 years or more.


· Executive MBA (EMBA): As the name suggests, this programme is specially designed for executives and managers with a higher number of years of work experience. 


· Distance learning: These programs can be offered in a number of ways: correspondence courses by postal mail or email, non-interactive broadcast video, pre-recorded video, live teleconference or videoconference, offline or online computer courses.


· Dual MBA: Programmes where an MBA degree is combined with others like MS or MA etc. This is economically viable for students and helps their tailor their study programmes according to their needs.

New Tatkal Rules w.e.f 21-11-2011

To ensure the reserved accommodation in trains to the passengers, who need to travel by trains within a very short notice due to emergency, Shri Dinesh Trivedi, Hon'ble Minister for Railways has advised to implement new Tatkal booking scheme on and from 21 November 2011. This Tatkal booking facility is to be introduced to eliminate the possibility of booking of tickets by touts/miscreants through Tatkal scheme and sell to the passengers in emergency, against high premium. Booking procedure through new Tatkal scheme is given below:-

The Advance Reservation Period (ARP) of Tatkal scheme is reduced from two days to one day excluding the day of journey from the train originating station w.e.f Monday, 21 November 2011. For example, if a train is to depart from the originating station on the second of the month, the Tatkal quota for that particular train shall open at 08.00 hrs. on the first of the month.

i) Agents /Rail Travel Service Agencies (RTSAs) will not be allowedbooking Tatkal tickets at the counters between 08.00 hrs. and 10.00 hrs. on the opening day of Tatkal Advance Reservation Facility for bookingwith train starting date falling beyond 22/11/2011. RTSA opted Tatkalbooking in normal counters also will not be allowed between 08.00 hrs and 10.00 hrs. on the opening day of Tatkal for booking with train starting date falling beyond 22 November 2011.

ii) System will allow to book only maximum 4 passengers in a Tatkalbooking w.e.f 21/11/2011.

iii) Tatkal tickets shall be issued only on production of one of the eight prescribed proofs of identity as per procedure explained below:-

a) For this purpose, a self-attested photocopy of the proof of identity of any one passenger should be attached to the requisition slip.

b) The details of the identity proof will be captured by the system and indicated on the reserved tickets as well on the reservation chart. It will not be mandatory for the passenger(s) to go to the counter to book the Tatkal ticket, however, the proof will have to be sent in the aforementioned manner.

c) During the journey, the passenger, whose identity card number has been indicated on the ticket, will have to produce original proof of identity indicated on the ticket, failing which all the passengers booked on the ticket shall be treated as travelling without ticket and charged accordingly. Indication will come on the ticket regarding carrying the same original proof of identity during the journey, as indicated on the ticket.

d) If the passenger whose identity card number is indicated on the ticket is not travelling, all other passengers booked on that ticket, if found travelling in train, will be treated as travelling without ticket and charged accordingly.

e) For booking done on more than one passenger, system will allow to input identification numbers passenger-wise in case if identification proofs are submitted by the concerned passengers. Input identification card information will be printed passenger-wise on the tickets as well as on the reservation chart. In such cases, in case of non-travelling of one of the passengers whose proof of identity has been indicated, other passenger(s) can undertake the journey on production of original proof of identity by the other passenger(s) whose proof of identity has been indicated on the ticket as well as on the reservation chart

f) . No refund will be granted on cancellation of Tatkal confirmed tickets subject to the exception such as cancellation of trains/late running of trains for more than 3 hours, etc.

g) Cameras will be installed at the ticket counters to maintain stricter vigilance.

Action on Appointment on Fake Caste Certificates

As per information received from various Ministries/ Departments etc. 1832 appointments were allegedly secured on the basis of fake/false caste certificates, details of which, along with the action taken thereon. The Central Government had requested Ministries/Departments etc. to give information about appointments made on the basis of fake/ false caste certificates on 28.01.2010.

The Government instructions provide that an appointing authority should verify the caste status of SC/ST/OBC candidates at the time of initial appointment. They also provide that if a person has secured appointment on the basis of a false certificate, he should not be retained in service. In addition, the Government may also prosecute such a person.

Chief Secretaries of States/Union Territories have been requested to issue instructions to the District Magistrates/District Collectors/Deputy Commissioners of the districts to the effect that when asked to verify the veracity etc. of caste certificates, they should ensure at their own level that veracity of the caste/community certificate referred to the district authorities is verified and reported to the appointing authority within one month of receipt of request from such authority. In order to rule out collusion between candidates holding false/forged certificate and employees at the district level or sub-district level, disciplinary proceedings maybe initiated against officers who default in timely verification of caste status in such cases or issue false certificates.

This information was given by the Minister of State in the Ministry of Personnel, Public Grievances and Pensions Shri V.Narayanasamy in written reply to a question in the Lok Sabha

Status on Action Against Corrupt Officers

The CBI seeks sanction for prosecution of Government Servants in respect of Prevention of Corruption Act cases under section 19 of the Prevention of Corruption Act, 1988. As on 31.10.2011, there are 189 number of requests for prosecution sanction pending with various Central Government Ministries/Departments/State Governments.

During the year 2011, CBI has filed charge-sheets against 782 public servants in Prevention of Corruption Act cases. According to information furnished by CBI, sanction for prosecution has been denied by different departments in respect of 85 numbers of public servants during the year 2011.

There is no centralized data reflecting the reasons for denial of such sanctions. Such denial is generally based on merits of individual cases by the concerned Disciplinary authority.

Several steps have been taken by the Government to combat corruption and to improve the functioning of Government. These include:-

(i)    Issue of Whistle Blowers Resolution, 2004 and the introduction of the Public Interest Disclosure and Protection to Persons making the Disclosure Bill, 2010 in the Parliament;

(ii)    Enactment of Right to Information Act, 2005;

(iii)    The pro-active involvement of Ministry/Department through Annual Action Plan on Vigilance as a preventive measure;

(iv)    Issue of comprehensive instructions on transparency in tendering and contracting process by the CVC;

(v)    Issue of instructions by the CVC asking the organizations to adopt Integrity Pact in major Government procurement activities; Similar instructions have been issued by the Central Government on 16th June 2009 advising the State Governments to adopt Integrity Pact in major procurements;

(vi)    Introduction of e-Governance and simplification of procedures and systems;

(vii)    Issue of Citizen Charters.

(viii)    Acceptance of the First Report of the Group of Ministers to consider measures that can be taken by the Government to tackle corruption.

(ix)    Introduction of the Lokpal Bill, 2011 in the Lok Sabha.

(x)    Ratification of United Nations Convention Against Corruption (UNCAC).

(xi)    Introduction of the Prevention of Bribery of Foreign Public Officials and Officials of Public International Organizations Bill, 2011 in the Lok Sabha.

(xii)    Introduction of the Judicial Standards and Accountability Bill, 2010 in the Parliament.

(xiii)    Placing details of immovable property returns of Members of the All India Services and Group 'A' officers of the Central Government in the public domain.

This information was given by the Minister of State in the Ministry of Personnel, Public Grievances and Pensions Shri V.Narayanasamy in written reply to a question in the Lok Sabha

Committee on National Small Savings Fund (NSSF)-Decisions

No.6-1/2011-NS.ll (Pt.) 
Ministry of Finance 
Department of Economic Affairs 
(Budget Division)

New Delhi, the 11th November, 2011.


Sub: Decisions on the recommendations of the Committee for Comprehensive Review of National Small Savings Fund (NSSF).

      The Thirteenth Finance Commission in its Report had, inter alia, recommended that all aspects of the design and administration of the NSSF be examined with the aim of bringing transparency, market linked rates and other much needed reforms to the scheme. As a follow up of this recommendation, the Government had constituted a Committee on 8th July, 2010, headed by Smt.Shyamala Gopinath, the then Deputy Governor, Reserve Bank of India for comprehensive review of NSSF. The terms of reference of the Committee included review of the existing parameters for the small saving schemes in operation and recommend mechanisms to make them more flexible and market linked; review of the existing terms of the loans extended from the NSSF to the Centre and States and recommend on the changes required in the arrangement of lending the net collection of small savings to Centre and States; review of other possible investment opportunities for the net collections from small savings and the repayment proceeds of NSSF loans extended to States and Centre; review of the administrative arrangement including the cost of operation; and review of the incentives offered on the small savings investments by the States.

2. The Committee submitted its report to the Government on 7th June, 2011. Comments/views of Department of Posts, Department of Revenue, Department of Financial Services, Department of Expenditure and all State/Union Territory Governments were sought on the recommendations made by the Committee.

3. The recommendations of the Committee have been considered in detail, taking into account the views/comments received from other Departments, States/UTs and representations received from various agents' associations and others. After detailed examination the following decisions have been taken:

Rationalisation of Schemes

(i) The maturity period for Monthly Income Scheme (MIS) and National Savings Certificate (NSC) will be reduced from 6 years to 5 years.

(ii) A new NSC instrument, with maturity period of 10 years, would be introduced.

(iii) Kisan Vikas Patras (KVPs) will be discontinued.

(iv) The annual ceiling on investment under Public Provident Fund (PPF) Scheme will be increased from 70,000 to 1 lakh.

(v) Interest on loans obtained from PPF will be increased to 2% p.a. from existing 1% p.a.

(vi) Liquidity of Post Office Time Deposit (POTD) — 1, 2, 3 & 5 years — will be improved by allowing pre-mature withdrawal at a rate of interest 1% less than the time deposits of comparable maturity. For pre-mature withdrawals between 6-12 months of investment, Post Office Savings Account (POSA) rate of interest will be paid.

Interest Rates on Small Savings Instruments

(i) The rate of interest paid under Post Office Savings Account (POSA) will be increased from 3.5% to 4% p.a.

(ii) The rate of interest on small savings schemes will be aligned with G-Sec rates of similar maturity, with a spread of 25 basis points (bps) with two exceptions. The spread on 10 year NSC (new instrument) will be 50 bps and on Senior Citizens Savings Scheme 100 bps. The interest rates for every financial year will be notified before 1 April of that year.

(iii) Assuming the date of implementation of the recommendations of the Committee as December, 2011, the rate of interest on various small savings schemes for current financial year on the basis of the interest compounding/payment built in the schemes, will be as given below:

Instrument Current Rate (%)Proposed Rate (%)
Savings Deposit



1 year Time Deposit



2 year Time Deposit



3 year Time Deposit



5 year Time Deposit



5 year Recurring Deposit



5 year SCSS



5 year MIS

8.00 (6 year MIS)


5 year NSC

8.00 (6 year NSC)


10 year NSC

New Instrument





(iv) Payment of 5% bonus on maturity of MIS will be discontinued.

Commission to Agents

(i) Payment of commission on PPF schemes (1%) and Senior Citizens Savings Scheme (0.5%) will be discontinued.

(ii) Agency commission under all other schemes (except MPKBY agents) will be reduced from existing 1% to 0.5%.

(iii) Commission at existing rate of 4% will continue for Mahila Pradhan Kshetriya Bachat Yojana (MPKBY) agents.

(iv) Incentives, if any, paid by the State/UT Governments will be reduced from the commission paid by the Central Government.

Investments from NSSF

(i) The minimum share of States in net small savings collections in a year, for investment in State Governments Securities, will be reduced from 80% to 50%. The remaining amount will be invested in Central Government securities or lent to other willing States or in securities issued by infrastructure companies/agencies, wholly owned by Central Government.

(ii) Yearly repayment of NSSF loans made by Centre and States, will be reinvested in Central and State Government securities in the ratio of 50:50.

(iii) The period of repayment of NSSF loans by Centre and States will be reduced to 10 years, with no moratorium.

(iv) For the current financial year the prevailing interest rate of 9.5% will continue. From 1 April, 2012 revised interest rate will be notified.

(v) Half yearly payment of interest by the Centre and the States will be introduced.

(vi) Interest rate on existing investments from NSSF in Central Government securities till 2006-07 will be re-set at 9% and on those from 2007-08 till 2010-11 will be re-set at 9.5%.

Operational Issues of NSSF

(i) A Monitoring Group drawn from Ministry of Finance, Reserve Bank of India, Department of Posts, State Bank of India, other select banks and select State Governments will be set up to resolve various operational issues like reducing the time lag between collection and investment, etc.

4. Necessary notifications, including those requiring amendments to rules of various small saving schemes and National Small Savings Fund (Custody & Investment) Rules, 2001 will be notified separately. The above decisions will take effect from the dates to be specified in the notifications.

5. This has the approval of Finance Minister.

(Shaktikanta Das)

AddI. Secretary to the Govt. of India


A story of life

There were 2 brothers who lived on the 80th floor of a building. On coming home from office one day, they realized to their dismay that the lifts were 
not working and that they had to climb the stairs home. After struggling to the 20th level, panting and tired, they decided to abandon their bags and 
come back for them the next day. They left their bags on the 20th floor and climbed on. 

When they reached the 40th Floor level, they had gone sufficiently mad and irritated. The younger brother started to grumble and both of them began to 
quarrel. They continued to climb the flights of steps, quarreling all the way to the 60th floor. They then realized that they had only 20 floors more to climb and decided to stop quarreling and continue climbing in peace. They silently climbed on and reached their home at long last. Each stood calmly before the door and waited for the other to open the door. And then they realized that the keys were in the bags which they had left on 20th floor 

This story is a reflection on our life and times. All of us climb the tall building called life...some till all the 80 floors and some less. Many of us climb under the expectations of our companion. 

Time to time these are our friends and parents till the 20th floor, then our spouse and our dear ones till the next level of the building. We seldom 
get to do the things that we really like and love and are under so much pressure and stress that by the age of 20, we get tired and decide to dump 
this load. Being free of the stress and pressure, we work enthusiastically and dream about ambitious wishes. 

By the time we reach 40 years old, we start to lose our vision and dreams. We begin to feel unsatisfied and start to complain and criticize. We live life as a misery as we are never satisfied. 

Reaching 60, we realize that we have little left for complaining anymore, and we begin to walk the final episode in peace and calmness. We think that 
there is nothing left to disappoint us, only to realize that we could not rest in peace because we have an unfulfilled dream.......... a dream we 
abandoned 60 years ago. So what's your dream.....? 

Know your dreams and follow them so that you do not live with regrets. Help others and thank God. 

Wednesday, November 23, 2011

What is LIFE? - a Mountain Story

"A son and his father were walking on the mountains. 

Suddenly, his son falls, hurts himself and screams: "AAAhhhhhhhhhhh!!!" 
To his surprise, he hears the voice repeating, somewhere in the mountain: "AAAhhhhhhhhhhh!!!"  

 Curious, he yells: "Who are you?" 
He receives the answer: "Who are you?" 
And then he screams to the mountain: "I admire you!" 
The voice answers:- "I admire you!" 
Angered at the response, he screams: "Coward!" 
He receives the answer:-"Coward!" 
He looks to his father and asks: "What's going on?" 
The father smiles and says: "My son, pay attention." 
Again the man screams: "You are a champion!" 
The voice answers: "You are a champion!" 
The boy is surprised, but does not understand. 
Then the father explains:"People call this ECHO, but really this is LIFE. 
It gives you back everything you say or do. 
Our life is simply a reflection of our actions. 
If you want more love in the world, create more love in your heart. 
If you want more competence in your team, improve your competence. 
This relationship applies to everything, in all aspects of life; 
Life will give you back everything you have given to it.

Wednesday, November 16, 2011

DD above Rupees 20000 will be account payee

RBI issued a notification that Demand Draft DD above rupees 20000 should be account payee and not for transmitting in the market as cash,dd. RBI isssued a circular regarding this issue. RBI issued a notification no. 250 dated 04-11-2011 for the demand draft. Full notification is as under.

DBOD.BP.BC. No. 49/21.01.001/2011-12
November 4, 2011
The Chairmen / Chief Executives of
All Scheduled Commercial Banks
(excluding RRBs)

Dear Sir,

Issue of Demand Drafts for Rs. 20,000/- and above
As banks are aware, instruments with account payee crossing are required to be credited to the payee's account and not paid in cash over the counter. However, some unscrupulous elements use demand drafts without any crossing for transfer of money as an alternative to settlement through cash.

2. In order to address the regulatory concerns that have arisen in this context, banks are advised to ensure that demand drafts of Rs. 20,000/- and above are issued invariably with account payee crossing.

Yours faithfully,
(Deepak Singhal)
Chief General Manager -In - Charge