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Letter For Demand Draft for Singapore

Letter For Demand Draft Template for Singapore

A Letter for Demand Draft is a formal written request to a bank in Singapore to issue a demand draft, which is a negotiable instrument similar to a cheque but issued by the bank itself. The document must comply with Singapore's Bills of Exchange Act and Banking Act requirements, including proper identification of parties, clear specification of amount and currency, and adherence to anti-money laundering regulations. It serves as an official record of the request and includes all necessary details for the bank to process the demand draft.

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What is a Letter For Demand Draft?

The Letter for Demand Draft is a crucial document in Singapore's banking system, used when secure, bank-guaranteed payments are required. This document type is particularly important for international transactions where regular cheques may not be acceptable. The letter must include specific details required by Singapore banking regulations, including the amount, beneficiary details, and purpose of payment. It serves as both a formal request and a record of the transaction, helping ensure compliance with anti-money laundering regulations and the Bills of Exchange Act.

What sections should be included in a Letter For Demand Draft?

1. Sender Details: Full name, address, and contact information of the demanding party

2. Recipient Details: Bank name, branch, and address

3. Demand Draft Details: Amount, currency, and beneficiary information

4. Payment Information: Method of payment for the demand draft

5. Purpose Statement: Clear statement of purpose for the demand draft

What sections are optional to include in a Letter For Demand Draft?

1. Urgency Statement: To be included when expedited processing is required for time-sensitive transactions

2. Special Instructions: Any specific handling or delivery instructions when non-standard processing is needed

What schedules should be included in a Letter For Demand Draft?

1. Identification Documents: Copy of valid ID or passport of the requesting party

2. Payment Proof: Evidence of payment for the demand draft

3. Authorization Letter: If the request is made on behalf of another party

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Singapore

Publisher

Genie AI

Document Type

Demand Letter

Cost

Free to use
Relevant legal definitions



































Clauses





























Industries

Bills of Exchange Act (Chapter 23): Primary legislation governing negotiable instruments including demand drafts. Defines legal requirements for valid demand drafts and sets out rights and obligations of parties involved.

Banking Act (Chapter 19): Regulates banking institutions that issue demand drafts, contains provisions about banking operations and transactions, and includes requirements for proper documentation.

MAS Regulations: Monetary Authority of Singapore regulations covering guidelines on banking practices, anti-money laundering requirements, and payment and settlement systems regulations.

Contract Law: Common law principles governing basic contract formation, consideration requirements, and terms and conditions.

Limitation Act (Chapter 163): Establishes time limits for making claims and enforcement periods for financial instruments.

AML/CFT Requirements: Anti-Money Laundering and Countering the Financing of Terrorism requirements including customer due diligence, transaction reporting obligations, and documentation requirements.

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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