Validity of cheques, drafts cut to 3 months
Come April 1, 2012, your cheques and bank drafts will have a life of just three months instead of the earlier six. In a notification on Friday evening, the Reserve Bank of India said these instruments will have to be presented within three months from the date of issue as it has been brought to its notice by the government that some persons were taking undue advantage of the six month validity of cheques/drafts/pay orders/banker's cheques by circulating them like cash for this period.
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Demand drafts over Rs 20,000 to be account payee only
On Friday, the Reserve Bank of India issued a notification making it mandatory for all demand drafts above Rs 20,000 to be account payee only. The step has been taken following reports that a lot of black money was being transacted within the country using banking channel.
Notifications attached below
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