Exchange of Drafts

333. A Treasury Officer may issue a Draft in exchange for one drawn on him.

(i) If on Government account—Only if the payee be a Government officer and requires the Draft to be exchanged for reasons to be stated in his application.

(ii) In other cases—Only if the holder has been removed to the neighbourhood of another Treasury or of an office or agency of the Bank.

NOTES—(1) A Draft is said to be exchanged when the holder being unable to appear and take payment in cash, applies for a new one endorsing the original "Received payment by Draft on ............."

If he can appear and take payment in cash, his obtaining a new Draft with the cash paid on the old one is a matter to be disposed of under ordinary rules.

(2) When Draft is exchanged for another, the original Draft will be treated and entered as a Draft presented for encashment and the amount again credited as received for the issue of a new Draft.

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