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I would like to share latest RBI Circular on Alteration of Cheques.
DPSS. CO. CHD. No. 2806/04.07.05/2009-10
June 22, 2010
We invite your attention to our circular DPSS.CO.CHD.No. 1832/04.07.05/2009-10 dated February 22, 2010 on the subject and specifically to Paragraph 1.8 contained in the annexure thereto on 'prohibiting alterations / corrections on cheques'.
A few references have been received from banks and members of the public seeking certain clarifications on legal validity, effective date of implementation, etc. We wish to clarify that the prescription on 'prohibiting alterations / corrections on cheques' -
This prescription will be effective from December 1, 2010. Banks are advised to ensure that adequate care is taken to educate the customers and to create awareness among them so that the entire process is carried out in a smooth manner. As regards other aspects contained in our circular under reference, separate communication will follow from Indian Banks' Association / National Payments Corporation of India