Tuesday, November 8, 2011

Validity of Cheque/Draft/Pay orders/Banker's Cheques changed to 3 (three) months instead of 6 (Six) months

               Reserve Bank of India has changed validity of Cheque/Drafts/Pay orders/Bankers Cheque from 6 months to 3 months vide their notification no RBI/2011-12/251 DBOD AML BC.No.47/14.01.001/2011-12 dated 4th November 2011. Still it is notification to implement to those instructions those have been issued on or after w.e.f. 01-April-2012.   It means validity of instrument of three months will be effected w.e.f. 01.04.2012.  Detailed notification is given as under : -


RBI/2011-12/251
DBOD.AML BC.No.47/14.01.001/2011-12                November 4, 2011




The Chairmen/Chief Executive Officers
All Scheduled Commercial Banks (excluding RRBs)/Local Area Banks

Dear Sir,

Payment of Cheques/Drafts/Pay Orders/Banker’s Cheques

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.

4. Please acknowledge receipt

Yours faithfully,

(Deepak Singhal)
Chief General Manager in-Charge

Intense Debate Comments

Labels

.csi file (5) "Y" Cancellation Statement (5) (TRPS) (2) 1% TCS on Cash Sale (1) 10(10D) (1) 10E form (1) 119(1) (1) 13 (1) 15G (8) 15H (8) 16A FROM FVU (25) 16A from TXT (3) 192 (1) 194 IA (1) 194A (1) 194C (4) 194H (1) 194I (1) 194J (2) 194LA (1) 194LC (1) 20% TDS (5) 2011 (1) 234A (1) 234E (2) 24Q4 (4) 26AS (21) 26Q4 (1) 27A form from FVU (5) 3CB (2) 3CD (1) 44AB (2) 44AD (1) 44AF (1) 49C (1) 7th pay commission (1) 80-IA (1) 80C (4) 80CCC (2) 80CCD (2) 80CCF (8) 80CCG (4) 80D (1) 80E (1) 80G (6) 80GG (2) 80QQB (1) 80TTA (2) 80U (1) 87A (1) 89(1) Relief (13) aadhaar (7) Aadhaar Form (3) Aadhaar Software (3) Accounting Standards (1) Accounts (1) add new challan (1) Advance Tax (29) Advance Tax Calculator (15) Age Calculator (3) AIR Codes (3) AMT (1) Application Form (2) APY (1) AS (1) ASBA (2) ATM Reconciliation (1) Authentication Code (1) B.Ed in Haryana (8) B.Ed Rohtak (2) Bank Charges (7) Banking Rates (19) Banks (17) Batch File (1) Belated Income Tax Return (4) Bills of Exchange (1) BOOKLET (1) Bootable USB (1) Broad Band (6) BSNL Forms (3) BSNL Free (4) BSNL Plan (4) BSNL usage (3) BSR Code (2) Budget (12) Budget 2012-13 (10) Budget 2013-14 (4) Budget 2014-15 (9) Budget 2016-17 (2) Bulk Pan Verification (1) Calculators (30) Calendar (3) Capital Gain (3) Central Excise (52) Challan Correction (4) Challan 280 (9) Challan 281 (8) Challan Status Query (1) Change of Deductor Category (1) Changes w.e.f. 01.06.2015 (1) Cheques (1) Children Education Allowance (1) Circulars (10) Cloud Printing (1) Clubbing of Income (1) Codes (7) Company (1) Complaint Form (1) Composition Scheme (1) Computer Repair (2) Consolidated File (9) Convert .docx to .doc (1) convert .rpt to .xls (1) Convert .xlsx to .xls (1) Corporate Salary Package (2) CPC (1) CPC Call Center (2) CPT (5) CTS-2010 (3) currency of 500 and 1000 (3) Customs (73) CWE (2) D.A. (6) Debit Card Scheme (1) Declared Goods (2) deduction from salary (3) Deductions (10) Default Status (8) Defaulter (3) Defective Return (1) Depreciation (3) Digital Signature (4) Direct Tax Codes (4) Diwali (1) DND (1) Dos to USB (Printing) (4) Download Exchange currency Form of old 500 or 1000 (1) Drop Box (1) DSC (1) DTO (1) due date (14) Due Dates (68) Duplicate Currency (1) Duplicate form 16 (3) e-Aadhaar (1) e-Electricity Bill (3) e-Excise (4) e-filing (66) e-Filing FAQ's (1) e-GRAS (1) e-Land Line Phone Bill (1) e-Payments (15) e-Post (1) e-Tax (1) e-TDS (20) e-Tutorial (1) e-Verification of Income Tax Returns (2) Electronic Signature (1) Emails (1) Employees Provident Fund (3) English Tenses (1) Enrollent Form (1) EPF (4) ETDS (14) Etds /Etcs (140) etds correction statement (86) etds\ (2) Excel (19) Excess TDS Deposit (3) Exchange of Currency (3) Excise Return (1) Excise Software (1) Exempted Income (10) Exempted Items from Vat (1) Exemption From Filling I-T Return (10) Extension in due Date (6) F.Y.2011-12 (1) FAQ (1) FAQ-Excise (1) Fast Calculation (3) Fat Calculator (1) FDR (4) Finance Bill (8) First Prize in Government Departments (1) Flag in TDS Retunr (1) Flood (1) Forget Password (11) FORM 15G (2) FORM 16 (1) Form 16 or Form 16A Directly from FVU files (22) Form 16A PDF Converter Utility (5) Form 16A PDF Generator (4) FORM 24G (1) Form 26AS (3) FORM 3CB (2) FORM 3CD (1) Form 49A (4) Form 49AA (2) Form B (1) form BB (1) forms (12) Free Calls from Mobile (2) Free Internet (1) Free of Cost Submission of TDS Returns (2) Free SMS (2) FVU 2.130 (1) FVU 2.131 (1) FVU 3.1 (1) FVU 3.3 (1) GAR7 Challan (1) Gas (6) Gift Tax (4) Google Drive (1) GPF (1) Gratuity Tax Exemption (2) Greeting (2) GST (22) GST Adjustment (1) GST Composition Scheme (1) GST Due Dates (1) GST Exemption (2) GST ITC Adjustment (1) GST Validation (1) GSTR-3B (1) H.U.F. (2) Handicapped/Blind Allowance (1) Happy Diwali (2) Happy New Year (2) Happy New Year 2014 (1) Haryana (1) Haryana Vat Forms (3) HDFC (1) Housing Property Loss (2) HRA (2) HSN CODES (1) HYUNDAI (1) IBPS (4) ICC World Cup 2011 (6) icicilombard (2) IFSC (1) IIT-JEE (1) Important Day's (1) Income Tax (29) Income Tax Calculator (30) income tax challans (1) Income Tax Forms (18) income Tax Return (1) Index Rate (1) Indian Currency Symbol (5) Indian Government (1) Infrastructure Bond (5) insurance (4) Interest on Loan for House Property u/s 24(b) (2) Interest on TDS (4) Interest Rates (10) intimation u/s 143(1) (1) Investment (1) IPCC (2) IPCE (1) IPL 2011 (1) IPL 2011 Schedule (2) ITR (72) ITR FORMS (3) ITR-4 (1) ITR-4S SUGAM (14) ITR-5 (1) ITR-7 (1) ITRV (4) Jain Temple (1) Jan Lokpal Bill (1) JOB (3) jobs (2) Justification Report (3) Know Name through Pan (5) Know Online EPF Balance (2) Know Your Age (1) Know Your Pan (3) Knowledge (7) KVP (2) KYC (4) Last Date (1) late filing of TDS return (1) Leave Travel Allowance (1) Legal Heir (1) LIC (3) Life Insurance Policy (1) Login at TRACES (1) Login Page for online upload TDS Return (4) Lokpal Bill (2) LPG (7) LTC (1) Mandatory (7) Manual (1) Master Card (1) mca (1) MEDICLAIM (1) Memorandum (2) MetLife (2) MICR Codes (6) Mobile (12) Mutual Funds (4) NEFT (1) Net Banking (3) new FORM 3CA (2) new form 3CB (2) new form 3CD (1) New Form ST3 (1) New Fvu (14) New Income Tax Slab (25) NEW ITR RPU (5) NEW ITR FORMS (7) New ITR-1 SAHAJ (20) NEW ORM 3CD (1) New Pension Scheme (3) New RPU (28) NEW RPU 2.4 (2) New RPU 2.8 (2) NEW RPU 4.4 (1) News (13) NIL TDS RETURN (2) Notification (46) NSDL (Form16A) (11) NSDL (RPU) (4) nsdl Conso. File (1) NSDL Form 16 (5) NSSF (2) OBC (1) OLTAS (1) Ombudsman (3) Online Facility (5) Online Income Tax Return (10) Online Pan (1) Online Rectification Request u/s 154 (11) Online submission of etds return (5) Outstanding Tax Demand (2) Pan (22) Pan % (1) Pan Error (1) PAN Ledger (3) Pan Verification (3) PAO (1) Passport (2) Password (2) Password Recovery (1) Pay Calculator (4) pay commission (1) Payroll (1) PDF Generator (4) PDF Software (2) Penalty (7) Perquisites (9) Petrol Rate (1) PF (2) PMJJBY (1) PMSBY (1) PNB (3) POS (1) Post Office Interest Calculators (13) PPF (9) Press Release (4) Quarter 2 TDS return (1) Railway (5) Railway Budget (3) rbi (2) RBI Circulars (5) Re-generation of Tax Receipt (1) Re-Registration of TAN (4) READY RECKONER (1) Rectification Manual (3) Rectification Order u/s 154 (2) Refund of Income Tax (13) Refund of TDS (3) Refund Reissue (2) Registration at TRACES (3) Registration e-TDS (2) Registration of TAN in e-filing site (1) Registration Procedure (2) Rejected eTDS/e-TCS (22) Renewal or Updation in Digital Signature for e-tds return (2) Resend Activation Link (1) Reset Password (1) Result (2) Revised ITR (4) Royalty (2) RPU (13) RPU 1.3 (1) RPU 2.6 (1) RPU 2.7 (2) RPU 2.9 (1) RPU 3.0 (1) RPU 3.1 (1) RPU 3.2 (1) RPU 3.3 (1) RPU 3.4 (1) RPU 3.5 (1) RPU 3.6 (1) RPU 3.7 (3) RPU 3.8 (1) RPU 3.9 (1) RPU 4 (1) RPU 4.1 (1) RPU 4.2 (1) RPU 4.3 (1) RTGS (1) RTI (1) RULES FOR ITR-1 (1) S.B.I. Software (4) Salary (18) Savings (7) SBI (37) Search GST Rates (5) Section (16) section 10 (2) Section 10(46) (2) section 197 (2) section 201 (1) Section 35CCD (1) Service Tax (111) Service Tax Codes (12) Shares (1) short payment (1) SMALL SAVING SCHEMES (11) Software (5) ST-3 (1) State Bank of Patiala (1) statement Status (1) Status (3) Status of KYC (1) STCG (1) STD Codes (1) Stock Valuation (1) Survey (1) T7Import (1) Tally (58) Tan (2) Tan Registration (32) Tariff (3) Tax Accounting Standards (1) TAX AUDIT (1) Tax Audit Limit (1) Tax Free Bonds (1) Tax Rate Flag (1) Tax Rates (3) Tax Return Preparer (1) TCS (1) TDS Calculator (3) Tds on Properties (1) TDS on Rent (2) TdS on Salary (5) TDs Rates (14) Toll Free Number (2) TRACES (11) Track (1) Trade Fair (1) Traffic Rules and Signals (3) TRAI (4) Transport Allowance (1) u/s 139(4) (3) u/s 143(1) (2) UIDAI (1) Unconsumed Challans (1) Union Budget (11) Upload (2) USB Bootable Creator Tool (1) value of Flag (2) Vat (4) Verify Pan Through PAN (1) View Tax Credit (12) Virtual Card (1) Visa (2) WEALTH TAX (1) WhatsApp (1) Windows (2) XBRL (1) Zero Uploading Fee (3)