New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    A 'Demand Draft' is defined under section ________ of

    the Negotiable  Instruments Act 1881. 
    A Section 17 Correct Answer Incorrect Answer
    B Section 18(B) Correct Answer Incorrect Answer
    C Section 85(A) Correct Answer Incorrect Answer
    D Section 7 Correct Answer Incorrect Answer

    Solution

    Demand draft is covered under s. 85 A of the Negotiable Instruments Act, 1882 S.  85A. Drafts drawn by one branch of a bank on another payable to order .—Where any draft, that is an order to pay money, drawn by one office of a bank upon another office of the same bank for a sum of money payable to order on demand, purports to be indorsed by or on behalf of the payee, the bank is discharged by payment in due course.

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