Dd lost
siddharthkulshrestha
(Querist) 17 February 2015
This query is : Resolved
Dear Seniors,
I made a DD for 45K to pay my fees but it was misplaced by me.
I am going to the bank tomm to get a new DD after signing the indemnity bond and I will pay my fees immediately after.
My worry is, can my original DD be used later and misused to pay the fees by someone else(although the chance of that is miniscule) after I have used the new DD or will that be useless after I have used the newly issued DD?
ajay sethi
(Expert) 17 February 2015
bank cancels the original demand draft as per your request and issues duplicate DD .
as per indemnity bond issued by you in case original demand draft is presented for payment you are liable to pay the bank amount mentioned in DD
Kumar Doab
(Expert) 17 February 2015
Mr.Sethi is right.Agreed with Mr.Sethi.
The BM of the bank is duty bound to post alert in the system.
Rajendra K Goyal
(Expert) 18 February 2015
Bank may pay the original draft if presented for payment, in such case the loss can be recovered by the Bank on the basis of indemnity bond.
If the draft has passed in the hands of payee, the Bank can not refuse payment of original and its payment can not be stopped. In such case payee can get the payment of original draft also.
Guest
(Expert) 18 February 2015
Not a legal problem, if DD not used so far by anyone. Bank would have guided you better on issue of duplicate DD.
malipeddi jaggarao
(Expert) 18 February 2015
Before issuing Duplicate Date on he basis on your indemnity bond, bank would ascertain whether the original DD is still outstanding or not. It will issue duplicate DD to you only if the original DD is not yet paid. As a precautionary measure, it will mark alert in the system so that subsequent to issuance of duplicate DD, if original is presented, it will alert the concerned official with the information. Though legally, payment of DD can not be stopped, certainly bank will make inquiry basing on the alert. The validity of DD is 3 months. Once 3 months are over, there is no risk of double payment. Even if the double payment is done, say, erroneously overlooking the alart, the payee is one and the same. You can definitely recover the amount from the payee in such case. But it is only imagination, and you will not face such problem generally. Hence, do not bother about the issue.
T. Kalaiselvan, Advocate
(Expert) 20 February 2015
Well advised by expert Mr. Malipeddi Jagga Rao garu, you may follow the advise.
