For years, the validity period of cheques, pay orders and demand drafts or bankers' cheque has been six months. This, however, is changed. Starting April 1 ,2012, the time period to en cash cheque or DDs has been reduced to three months. In other words, the validity period for these instruments will three months instead of six months.
Validity of cheques: In a diktat issued earlier this month, the Reserve Bank of India said this move was intended to stop the misuse of the six-month validity period by 'some persons' who were circulating such instruments in the market like cash. "The 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," the notification said.
Through this measure, the banking regulator seeks to curb the practice of transferring a cheque (and thus, the proceeds of the instrument) from a person in whose favour it was originally issued to another, in return for a fee.
This apart, banks have also been asked to refrain from crediting the proceeds of an 'account payee cheque' to those other than the payee constituent (that is, the one to whom such a cheque is issued).
Source: The Economic Times
A press release from Reserve Bank of India has cautioned the banks and the public about a phishing mail purported to have been sent by RBI. Please go through the mail and take precautions as advised by RBI. It has come to the notice of the Reserve Bank of India that an email has been sent in its name from mail id: Reserve Bank Of India < no-reply@rbi.com > and signed by RBI, Security Team offering a 'new online security protection' called "Netsecured” to “reduce fraud and theft in various banking system …(and)… to enable all customer's online banking in all Indian Banks to get protected and Secured.” The Reserve Bank cautions members of public that it has not developed any such software; nor has it sent any such mail asking online banking customers to update their account details to secure their online accounts. In fact, the Reserve Bank does not have any mail id with extension @rbi.com Members of public receiving such mails should not open the attachment and/or try to download the attachment on their computers. This is a phishing mail and accessing the mail in any manner could result in identity theft. |
3. RBI Extends CTS Cheque Deadline by 3 months:
While most of the banks, it is reported, have confirmed that they are issuing only multi-city/payable at par CTS-2010 standard cheques at present, representations have been received by RBI from various stakeholders requesting for extension of the time beyond December 31, 2012 for withdrawal / replacement of non-CTS-2010 Standard cheques / post-dated EMI cheques with CTS-2010 standard cheques.
Taking into consideration these representations, it has been decided by the RBI to extend the time up to March 31, 2013 for banks to ensure withdrawal of non-CTS 2010 Standard cheques and replace them with CTS-2010 Standard cheques.
As you are aware, RBI advised on 03.09.2012 that all banks to arrange
to issue only multi-city/payable at par CTS-2010 standard cheques not
later than September 30, 2012 and to withdraw the non-CTS-2010
Standard cheques in circulation before December 31, 2012 by creating customer awareness. Further, banks holding post-dated EMI cheques
(received either on their own behalf or on behalf of their NBFC clients
and others) were advised to ensure the replacement of non-CTS-2010
Standard cheques with CTS-2010 standard cheques before
December 31, 2012.
to issue only multi-city/payable at par CTS-2010 standard cheques not
later than September 30, 2012 and to withdraw the non-CTS-2010
Standard cheques in circulation before December 31, 2012 by creating customer awareness. Further, banks holding post-dated EMI cheques
(received either on their own behalf or on behalf of their NBFC clients
and others) were advised to ensure the replacement of non-CTS-2010
Standard cheques with CTS-2010 standard cheques before
December 31, 2012.
While most of the banks, it is reported, have confirmed that they are issuing only multi-city/payable at par CTS-2010 standard cheques at present, representations have been received by RBI from various stakeholders requesting for extension of the time beyond December 31, 2012 for withdrawal / replacement of non-CTS-2010 Standard cheques / post-dated EMI cheques with CTS-2010 standard cheques.
Taking into consideration these representations, it has been decided by the RBI to extend the time up to March 31, 2013 for banks to ensure withdrawal of non-CTS 2010 Standard cheques and replace them with CTS-2010 Standard cheques.
However, it has been emphasised that the residual non-CTS-2010 Standard cheques that get presented in the clearing system beyond this extended period will continue to be accepted for the clearing but will be cleared at less frequent intervals.
The modalities, charges applicable if any, etc. are being discussed with stakeholders and a separate communication is likely to be issued by RBI in this regard.
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