Reserve Bank makes it compulsory to incorporate purchaser's name on the face of payment instrumentalities

In order to address the concerns arising out of the anonymity and to prevent money laundering, the Reserve Bank has now made it compulsory to incorporate the purchaser’s name on the face of demand draft, pay order, banker’s cheques



and other instruments. 

The RBI issued a notification in Mumbai yesterday to this effect to the banks. This directive will come into effect from 15th of September this year.