BANKING
This query is : Resolved
SAQIB ANSARI
(Querist)
01 October 2010
HOW IS A DEMAND DRAFT(DD) CLEARED IN BANKS?
HOW IS IT DIFFERENT FROM CHEQUE?
HOW IS IT DIFFERENT FROM CHEQUE?
CMA Ramesh Krishnan
(Expert)
02 October 2010
Cheque clearance and DD clearance is same process, but the DD will clear immediately beacuse the amount is already remitted to the payee bank also, there is no need to send for clear to the orgin
But the cheque you need to send to orgin bank for clearance and clear only the account having sufficent balance
But the cheque you need to send to orgin bank for clearance and clear only the account having sufficent balance
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