Error Message : Proper Pay link Name not given
Applies to       : Tally ERP 9 Release 4.8 or higher

Solution
To resolve the aforesaid error, you must add the following two tags within the BANKALLOCATIONS tag :

<PAYMENTMODE>Transacted</PAYMENTMODE>
<NAME>a-unique-alpha-numeric-value</NAME>

The complete BANKALLOCATIONS XML tag will look like this :-

<BANKALLOCATIONS.LIST>
    <DATE>20140401</DATE>
    <INSTRUMENTDATE>20140401</INSTRUMENTDATE>
    <TRANSACTIONTYPE>Cheque/DD</TRANSACTIONTYPE>
    <PAYMENTFAVOURING>Jewel Tree R.D. A/c</PAYMENTFAVOURING>
    <STATUS>No</STATUS>
    <AMOUNT>1000</AMOUNT>
    <!-- The two tags you must add to resolve Proper Paylink name not given error -->
    <PAYMENTMODE>Transacted</PAYMENTMODE>
    <NAME>A-101-20140401</NAME>
</BANKALLOCATIONS.LIST>