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)
|
V
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.
|
V
3. Royal Bank will verify with ICIC bank in India
|
V
4. ICIC bank confirm and release the money
|
V
5. Royal Bank will confirm getting the money -possible time when ICIC bank will declare encashment
|
V
6. Royal bank release it to Central Bank of Canada
|
V
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.
Delstabor09 said:
Hi guys...
I am a 6 June 2014 applicant and no news yet from CIC.
I asked my bank last Monday and they informed me that the DD issued is not yet en-cashed.
A little bit worried and nervous. Can anyone enlighten me about this?
Is there any 6 June 2014 applicant whose DD was en-cashed?
Thank you