2012

Reserve Bank of India has issued CIRCULAR NO. DBOD.AML BC.NO.47/14.01.001/2011-12, DATED 4-11-2011 by which it has directed Banks that with effect from April 1, 2012, banks should not make payment of cheques/drafts/pay orders/banker's cheques bearing that date or any subsequent date, if they are presented beyond the period of three months from the date of such instrument.

Here is the RBI Circular on Cheque Validity

In India, it has been the usual practice among bankers to make payment of only such cheques and drafts as are presented for payment within a period of six months from the date of the instrument.

2. It has been brought to the notice of Reserve Bank by Government of India that some persons are taking undue advantage of the said practice of banks of making payment of cheques/drafts/pay orders/banker's cheques presented within a period of six months from the date of the instrument as these instruments are being circulated in the market like cash for six months. Reserve Bank is satisfied that in public interest and in the interest of banking policy it is necessary to reduce the period within which cheques/drafts/pay orders/banker's cheques are presented for payment from six months to three months from the date of such instrument. Accordingly, in exercise of the powers conferred by section 35A of the Banking Regulation Act, 1949, Reserve Bank hereby directs that with effect from April 1, 2012, banks should not make payment of cheques/drafts/pay orders/banker's cheques bearing that date or any subsequent date, if they are presented beyond the period of three months from the date of such instrument.

3. Banks should ensure strict compliance of these directions and notify the holders of such instruments of the change in practice by printing or stamping on the cheque leaves, drafts, pay orders and banker's cheques issued on or after April 1, 2012, by issuing suitable instruction for presentment within the period of three months from the date of the instrument.

RBI: Banks Must Issue Passbook

Does your bank charge for issue of passbook? Does the bank stopped issuing passbook? Claim with your bank that RBI wants it to issue the passbook. Here is the latest circular

CIRCULAR NO. DBOD NO. LEG. BC 48/09.07.005/2011-12, DATED 4-11-2011

Please refer to our circular DBOD. No. Leg.BC.32/09.07.005/2006-07, dated October 4, 2006on the captioned subject wherein banks were advised to invariably offer pass book facility to all its savings banks account holders (individuals) and in case banks offer the facility of sending statement of account and the customer chooses to get statement of account, banks must issue monthly statement of account. The cost of providing such pass book or statements should not be charged to the customer.

2. It has come to our notice that some banks are not issuing pass books to their savings banks account holders (individuals) and only issue a computer generated account statement even when the customer desires pass book facility. Banks are, therefore, advised to strictly adhere to the instructions contained in the above circular.

R i z w a n A L a m
Owner - CooLCoLLectionsForYou

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