The validity period of cheques/ DDs reduced from 6 months to 3 months.

The validity period of cheques/ DDs reduced from 6 months to 3 months. This will be effective 1.4.2012. For further information Copy of the RBI Circulation has been given below
RBI/2011-12/251
DBOD.AML BC.No.47/14.01.001/2011-12

November 4, 2011

The Chairmen/Chief Executive Officers
All Scheduled Commercial Banks (excluding RRBs)/Local Area Banks

Dear Sir,

Payment of Cheques/Drafts/Pay Orders/Banker’s Cheques

In India, it has been the usual practice among bankers to make payment of only such cheques and drafts as are presented for payment within a period of six months from the date of the instrument. Continue reading “The validity period of cheques/ DDs reduced from 6 months to 3 months.”