ITCSA stands for ‘Indian Telugu Civil Servants Association’. It is the informal group of Civil Servants hailing from Andhra Pradesh & Telangana working in different parts of India and abroad. The idea was conceived on 9th November, 2006 by Telugu Civil Servants of 80 Foundation Course (LABASNAA, Mussorie). The association uses web-based Google Group named ‘ITCSA’ as the major platform for interaction among members. Aspirants can interact with ITCSA members through firstname.lastname@example.org
Wednesday, November 16, 2011
DD above Rupees 20000 will be account payee
RBI issued anotificationthatDemand DraftDD 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 anotificationno. 250 dated 04-11-2011 for thedemand draft. Fullnotificationis as under.
The Chairmen / Chief Executives of All Scheduled Commercial Banks (excluding RRBs)
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.
(Deepak Singhal) Chief General Manager -In - Charge