Dear Comrades,
In a
notification on Friday evening, the Reserve Bank of India said these
instruments will have to be presented within three months from the date of
issue as it has been brought to its notice by the government that some persons
were taking undue advantage of the sixmonth validity of cheques/drafts/pay
orders/banker's cheques by circulating them like cash for this period.
For
customer awareness, banks have been asked to print the change on cheques and drafts
that will be issued from April 1, 2012.
Over the
last few years, a system had evolved in which a cheque issued in favour of
person A would be transferred to person B, on receipt of a commission, as banks
were willing to credit them into someone else's account. With the new norms, RBI
hopes to reduce such misuse. RBI also asked banks to ensure that account payee
cheques and drafts are only credited to accounts of the person named in the
instrument.
Although
the break up was unavailable, bankers said the move would affect individuals
more as companies usually deposit cheques and drafts within hours of receiving
them as they do not want to lose out on any interest income.
Source:
Economictimesofindia
