Reserve Bank of Iindia RBI/2018-19/14DBR.AML.BC.No.210/14.01.001/2018-19July 12, 2018
Reserve Bank of Iindia RBI/2018-19/14
DBR.AML.BC.No.210/14.01.001/2018-19
July 12, 2018
The Chairperson/CEOs of all Scheduled Commercial Banks including
Regional Rural Banks/Urban Co-operative Banks/State Co-operative Banks/
District Central Co-operative Banks/Local Area Banks/Small Finance
Banks/Payment Banks
Dear Sir/Madam,
Incorporation of Name of the Purchaser on the Face of the Demand Draft
In order to address the concerns arising out of the anonymity provided by payments through demand drafts and its possible misuse for money laundering, it has been 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.
Accordingly, Section 66 of the Master Direction on KYC dated February 25, 2016, as amended on April 20, 2018, has been amended and following paragraph has been added:
Further, the name of the purchaser shall 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.
2. You are advised to ensure compliance with the above.
Yours faithfully,
(Dr. S. K. Kar)
Chief General Manager
DBR.AML.BC.No.210/14.01.001/2018-19
July 12, 2018
The Chairperson/CEOs of all Scheduled Commercial Banks including
Regional Rural Banks/Urban Co-operative Banks/State Co-operative Banks/
District Central Co-operative Banks/Local Area Banks/Small Finance
Banks/Payment Banks
Dear Sir/Madam,
Incorporation of Name of the Purchaser on the Face of the Demand Draft
In order to address the concerns arising out of the anonymity provided by payments through demand drafts and its possible misuse for money laundering, it has been 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.
Accordingly, Section 66 of the Master Direction on KYC dated February 25, 2016, as amended on April 20, 2018, has been amended and following paragraph has been added:
Further, the name of the purchaser shall 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.
2. You are advised to ensure compliance with the above.
Yours faithfully,
(Dr. S. K. Kar)
Chief General Manager
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