In context with the various negotiable instruments in India, the bank drafts are valid for a period of
In context with the various negotiable instruments in India, the bank drafts are valid for a period of __:
[A]3 Months
[B]6 Months
[C]12 Months
[D]15 Months
3 Months
An instrument issued by one branch of a bank on another branch of the bank containing an order to pay a certain sum on demand to the person named on the draft. It is used to transfer funds and to settle outstanding balances between banks, or to provide a customer with funds payable at a bank in a different location. From 1 April 2012, cheques, drafts, pay orders and banker’s cheques are valid for only three months.