"Demand Notice" under Security Interest (Enforcement) Rules 2002.

Demand Notice A demand notice under the Security Interest (Enforcement) Rules, 2002 is a formal notice demanding that the person to whom the notice is addressed perform an alleged legal obligation such as paying a sum of money or acting on a contractual commitment. Service of demand notice Rule 3(1) provides that the service of demand notice as referred to in sub-section (2) of section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 shall be made by delivering or transmitting at the place where the borrower or his agent, empowered to accept the notice or documents on behalf of the borrower, actually and voluntarily resides or carries on business or personally works for gain, by registered post with acknowledgement due, addressed to the borrower or his agent empowered to accept the service or by Speed Post or by courier or by any other means of transmission of documents like fax message or electronic mail service.