As per recent Notification No DBOD.BP.BC. No. 26 / 21.01.001/2011-12 dtd 01/08/2011 issued by the Reservce Bank of India, the Issue and Payment of DD in excess of Rs. 50000/- by all banks in India shall be transacted only through the debit to the customer’s account. This means, any purchase of Demand Draft in excess of Rs. 50000/- will be possible only through the accounts maintained by the Customers of the Bank , though their bank accounts and not through payment of Cash over the counter.
This notification also restricts the retail sale of Gold/Silver/Platinum by cash.
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