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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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