Cancellation and Refund
330. No Draft can be cancelled without surrender of the whole set. Thus, if a duplicate or triplicate has been issued, the Draft can be cancelled only if the original together with the duplicate (and the triplicate if issued) be surrendered. Consequently, no refund can be made on lost Draft; a duplicate must be obtained and payment taken at the Treasury or office drawn on.
331. All parts being surrendered, a Draft may be cancelled and its amount refunded at the discretion of the Treasury Officer, on the application and receipt of the remitter, provided the Drafts bear no endorsement or other evidence to show that they were delivered to the payee and provided further that the signature of the remitter on the letter of request for cancellation agrees with that on the relevant draft application form. It the Draft bears any endorsement by the payee/ endorsee(s) or crossing by any Bank, the remitter should be asked to have the endorsements/ crossings, cancelled by the makers thereof.
NOTEIf alteration of the name only of the payee is required by remitter, it will suffice for the drawer to alter the name in the Draft under his full signature and to advise the drawee.
332. When a Draft is cancelled, the fact of cancellation shall be conspicuously noted across the face of the Draft; at the same time an intimation shall be sent to the office drawn on, in order that the fact may be recorded in the advice originally received and necessary precautions taken against payment of the cancelled Draft. The cancelled Draft shall be duly receipted by the remitter or the payee, as the case may be.
NOTEThe amount refunded will be entered in the "Register of Reserve Bank of India Remittances Encashed" and also in the proper columns of the schedule of such encashments for the day on which the cancellation takes place, in accordance with directions contained in this behalf in the Account Code, Volume II.