Dear All
Related to DD encashment by CIC.
Go to the branch and tell the Relationship Manager or Customer Service Officer to send a mail to their Nostro Reconciliation Unit for getting details of your DD encashment.
Check for the Canadian Correspondent Bank Branch name where the DD will be encashed. The details will be mentioned in the DD itself.
Kindly check with your bank if the Canadian Correspondent Bank has a direct Nostro account with your Bank.
If the answer is Yes, (CIC should also have an accoutn with this correspondent Bank) the Nostro outstanding entry in your banks recon will be cleared the next day when the DD is submitted at the Correspondent Bank in Canada and it will give clear indication that your documents are processed and you have to wait for approx 10 days to get the PER mail.
If answer is No, (this case only arises if CIC doesn't have an account with your correspondent bank in Canada) CIC will submit your DD to the bank where CIC holds the account. Then CICs Bank will forward the same to your Banks Correspondent Bank in Canada for clearing. This might take max 4 to 5 working days for you to know whether your DD is encashed.
The physical DD is sent for such clearing instead of Image scan and therefore it takes time.
Hope this helps everyone.
There might be some minor changes in the DD clearing process across countries due to their respective Central Bank Procedures and Policies.
Anyone has other update please let us know.
Thanks a lot everyone for their efforts in helping the Forum members...especially the Admins...Hats off to you Guys...You are doing an Excellent Job