Payment of
Cheques/Drafts/Pay Orders/Banker’s Cheques – Validity period slashed to 3 months from 6 months : RBI Circular
This is to
inform you guys that with effect from 1st Apr 2012, Reserve Bank of India
(RBI) vide its Notification No.RBI/2011-12/251, DBOD.AML BC.No.47/14.01.001/2011-12 dtd. November 4, 2011, has announced a major change in
slashing the validity period for Cheques/Drafts/Pay orders/Banker’s cheques
from 6 months to 3
months.
This was done to
protect public interest & banking policy, as in practice some persons were
taking undue advantage over these instruments by circulating it in the market
like cash for six months.
For your ready
reference, view the Circular dated 04 Nov 2011
issued by Reserve Bank of India in the following link:
Just remember to ensure
that your Cheques/Drafts/Pay orders/Banker’s cheques are presented for payment
on time within 3 months instead of 6 months from the date of the instrument to avoid unnecessary
waste of time and money.
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