Demand draft
Sabir F. Mulla
(Querist) 21 November 2011
This query is : Resolved
Dear Sir,
We have issued cheque of Rs.50 Lakhs in favour of SBI to issue Demand Draft in favour of M/s XYZ corporation for statutory payment in Dec-2004. Now M/s XYZ corporation is saying they have not received any Demand Draft. Also we are not able to trace anything which can establish that we have given Demand Draft to M/s XYZ corporation. We have requested SBI to give us the clearance details of Demand Draft but SBI is saying since the matter is old it will take time to get the details. Here I have following questions in my mind??
Suppose if Demand Draft is not presented for payment, how SBI will manage unclaimed amount of Demand Draft??
If Demand Draft is not presented for payment till date, will SBI be liable to re-issue the same with interest??
Is there any guideline of RBI or any statutory law available for Bank available to manage unclaimed fund??
Please explain my above questions as early as possible, it will be of great helpful to me.
Kind Regards,
Sabir Mulla
mahendrakumar
(Expert) 21 November 2011
usually such amounts are kept in a suspense account initially by banks.
depending on the practices of different banks,such unclaimed amount are transferred to the head office account ultimately.
if the DD is not presented and encashed,the drawyer can request for cancellation of the same and claim refund.
however,no interest is payable for the same.
Shailesh Kr. Shah
(Expert) 22 November 2011
Ask theses question to RBI under the RTI Act.
Swagat Mohanty
(Expert) 22 November 2011
I would like to add some more to what Mr. Mahendra Kumar has suggested. Please get a certificate of non-payment of the Draft, from the Service Branch of the SBI at which place the draft was originally drawn. Alongwith the same, you can make application for renewal / cancellation of the Draft, at the branch from where you purchased it.
But I believe it would take some time. In case there is inordinate delay, you can approach the Banking Ombudsman.
ARUN KUMAR VERMA
(Expert) 22 November 2011
the important point on which the querist is silent is as to who took delivery of the DD. after giving instructions to the bank for making DD some one has to first take delivery of the DD and this can be done only by the drawer or his authorised representative.
Further answers depend on answers to this moot question.
However, the bankeres deal with DD clearance and accounting through theie inter office account which gets reconciled at the HO
since the bank has issued the DD on the request or the account holder, the question of interest payment does not arise .
M V Gupta
(Expert) 22 November 2011
Yes. The details mentioned by mr.Arun Kumar are very important. I fully agree with his views.
prabhakar singh
(Expert) 22 November 2011
Yes there are points to be considered as highlighted by Mr.ARUN KUMAR VERMA ,yesterday charged with scoring intentions and in view of proving the charge and showing how easy it is when score is the only factor i was mindlessly agreeing to avoid controversies created by a few people about me.
prabhakar singh
(Expert) 22 November 2011
Today i am really fine tuned more than any one can guess.
Shonee Kapoor
(Expert) 22 November 2011
So Ld. Prabhakar Singh,
Do you write for scoring?
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
vasant kulkarni
(Expert) 23 November 2011
IT IS NOT CLEAR WHETHER YOUR C/A IS DEBITED FOR THE DD AMOUNT ,WITH COMMISSION?THAT IS FROOF THAT YOU HAVE PURCHASED THE DD.AS APURCHASER YOU CAN DEMAND NON-PYMENT ADVISE FROM SBI.IF IT IS NOT PAID,YOU WILL GET THE REFUND 9without commission charges.
kartikeya
(Expert) 24 November 2011
matter is of 2004 and till date nither you or xyz corp enquire or talk about this big amount?
RAJU O.F.,
(Expert) 24 November 2011
Presume that you had account with SBI, you had issued cheque in favour of SBI, for debiting your account, and also had sufficient balance for debiting your cheque, you had instructed SBI to issue a DD to xyz and if all these presumptions are 'yes', then you verify your bank passbook/ statement of account of 2004 to find out as to whether such amount was debited and DD sent. I feel the query is hypothetical, since after the non-receipt of DD for 50 lakhs xyz kept quiet, you also didn't bother. Anyhow, id DD was issued and still not paid to the drawee, it is invalid and hence you can get refund after confirming its non-payment at the drawee branch. Query must be clear and factual so as to get proper answer, please note.
Guest
(Expert) 24 November 2011
Any reason for non-existence of any communication for SEVEN YEARS between your company and the receiving company, or say for not asking for acknowledgment of such a big amount of Rupees FIFTY LAKHS?
