No EMI/Post dated cheque to be asked by Banks, Non CTS cheques valid till 31.07.2013:RBI
RBI in his new instruction (dated 18.03.2013 )has directed all banks not to ask for EMI( equal monthly installments ) PDC's(Post dated cheques from the customers either CTS cheques or Non CTS cheques ,where ECS(electronic clearing system/RCES(Debit ) facility is available. Further banks has been directed to take a mandate from the customer (borrower) to direct debit his account for equal monthly installments .
So, if you are taking loans from the Bank then no need to issue post dated cheques to bank ,if ECS/RCES(debit) facility is available in your Bank/Branch/Station
This direction will reduce number of cheques transaction is Banks.
Further RBI has Extended the date for use of Non-CTS Cheques by the customers up to 31.07.2013 which can also be extended further on review before 30.06.2013
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