CHEQUES AT PAR

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This query is : Resolved

Satendra (Querist)

25 February 2010 I come to know that all cheque are now becoming at par cheques subject to with MICR code and any where banking facility.
Am I right or wrong

CA. Dashrath Maheshwari

CA. Dashrath Maheshwari (Expert)

25 February 2010 You are right, but to collect more revenue, banks are still charging outstation clearing charges.
There is no RBI circular in this regard till date.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

25 February 2010 At PAR cheques can be encashed with out clearing charges at the specified places

Satendra

Satendra (Querist)

26 February 2010 The query is not of clearing charges. How many time bank should take to clear such cheques. 2-3 days or 10-15 days

Rasesh

Rasesh (Expert)

26 February 2010 At par cheques can be cleared on the same day if presented before the settlement time. Otherwise, next day.

Outstation cheques can take any period ranging from 2-10 days depending on the connectivity the banks have amongst themselves and the distance the cheque has to travel.

Satendra

Satendra (Querist)

26 February 2010 when all outstation cheques become at pat why it will take upto 10 days in clearing

Rasesh

Rasesh (Expert)

26 February 2010 The at par cheque is linked with the account number which has pan india settlement approval. Whereas, if the bank account is maintained without the at par facility, then for settlement, the cheque has to travel back to the drawer's location. Hence, it can take time upto 10 days.

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