Cheques validity reg..

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 March 2012 Came to know the cheques validity is reduced from 6 months to 3 months ...required confirmation from experts with effect from

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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28 March 2012 The same is applicable from 1st April, 2012.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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28 March 2012 AGREED WITH THE EXPERT,
REFER TO RESERVE BANK OF INDIA CIRCULAR NUMBER:
“RBI/2011-12/251 DBOD.AML BC.No.47/14.01.001/2011-12 November 4, 2011”

“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.

Regards,

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