Reserve Bank of India (RBI) and Union Finance Ministry should look into serious issue of black-money transactions through benami demand-drafts/pay-orders where such instruments continue exchange of hands like currency. Even there exist certain firms which act like a sort of ‘banker’ where demand-drafts/pay-orders made in their names are easily accepted in markets, and these firms give cash after deducting their commission to holder of such demand-drafts on a date nearing validity-period.
Now with numerous households connected with banks under Pradhan Mantri Jan Dhan Yojna, stress should be on banking-transactions replacing cash-dealings. Validity of demand-drafts should be further reduced to 45 days with compulsion of printing name and account-number/address of purchasers on these instruments. Demand-drafts/pay-orders of above Rs 10000 may generally not be made from cash.