Saturday, June 2, 2012

RBI Announced Bank Cheque, DD are valid for 3 Months - Latest Banking Updates India

Here is latest details of  Indian Financial Business Banking industry updates. 

Indian RBI Announced Bank Cheque, DD are valid for 3 Months 

Indian wide the banks from this Sunday will stop honouring cheques and bank dafts if they are not presented within 3 months of issued date as against 6 months earlier. 

The decision to reduce the validity of cheque, bank drafts and other instruments to 3 months announced by Reserve Bank of India came into effect from April 1 st of 2012 year.

The Reserve Bank of India had said "in public interest and in the interest of the banking policy, it is necessary to reduce the period within which cheque, bank deafts, pay orders, bankers cheques are presented for payment from six months to three months from the date of such instrument".

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