I deposited Rs. 5,000 worth of DD to my account in Canara Bank.
Bank has not credited the amount after 40 days (till date).
I have been sending daily email to bank manager of that branch from past 9 days.
On further enquiry I noticed that bank has misplaced the DD.
I have deposit slip in hand and photo of DD and explanation about its origin.
What step should I take?
1. Complain to bank redressal system, higher management and lastly to RBI Ombudsman.
2. Is Consumer Complaint maintainable?
Can I try both options or any one? Because I think I might be able to get relief/compensation from both.
Any other option or advice to me?
Issue of a Duplicate Demand Draft: A draft is a bill of exchange and the purchaser of the draft is entitled to a duplicate thereof in terms of Section 45-A of Negotiable Instruments Act.
Section 45-A of Negotiable Instruments Act states: “Where a bill of exchange has been lost before it is overdue, the person who was the holder of it may apply to the drawer to give him another bill of the same tenor giving security to the drawer, if required, to indemnify him against all persons whatever in case the bill alleged to have been lost shall be found again. If the drawer on request as aforesaid refuses to give such duplicate bill, he may be compelled to do so.” Know more for duplicate demand draft from below.
Where a draft is lost, the person who was the holder thereof at the time of the loss may apply to the issuing branch of the bank to give him a duplicate, giving, if required security to the branch to indemnify it against all persons whatever in case the lost draft is found again.
A bank ordinarily requires an indemnity from the purchaser of the original draft before a duplicate is issued. But, such an indemnity cannot be insisted upon where, the purchaser is not the holder of the draft at the time of loss. In such a case bank can ask for security / indemnity / guarantee from the holder only.
There will be constructive delivery of the draft to the payee the moment it was posted by the purchaser, and that thereafter the purchaser has no right to ask the drawee branch to stop payment of the draft on the ground of absence or failure of consideration as between him and the payee. The purchaser’s remedy may lie elsewhere. He may be able to proceed against the payee for beach of contact, or criminal proceedings can be instituted where a fraud is alleged.
Regards,
Anaita Vas
