wael.ot
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Century said:It will take time to know by your bank whether your DD has been encashed or not - it may take around 3 days to 15 days to know it.
The following following flow can explain why it takes time to know DD encashment (posting it 2nd time in a day):
Please note the DD encashment flow below:
1. CIC submit DD to Central Bank of Canada (encashment day for CIO)
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2. Central Bank sent it physically to Royal Bank of Canada (DD drawn on the bank) - it may perform same day or take several day.
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3. Royal Bank will verify with ICIC bank in India
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4. ICIC bank confirm and release the money
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5. Royal Bank will confirm getting the money -possible time when ICIC bank will declare encashment
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6. Royal bank release it to Central Bank of Canada
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7. CIO get its money
Note the time difference between step 1 and step 5. Because of this gap, it takes time to bank to confirm encashment.
Any banker, if I am wrong, please let me correct it.
Wonderful explanation +1