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March 24, 2012

Cheques, drafts to be valid for 3 months from April

Rajesh Kumawat | 22:44 | | Best Blogger Tips
RBI The Reserve Bank of India (RBI) has directed that with effect from April 1, 2012, banks should not make payments against cheques, drafts, pay orders or banker's cheques if they are presented after the period of three months from date of issue.
Come April 1 and cheques and bank drafts will be valid only for 3 months, a development that RBI thinks will help mitigate frauds related to such instruments.


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