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Thursday, June 10, 2010

Do you know ?

This is with regard to recent guidelines issued by Reserve Bank of India on alterations or corrections on payment instruments ( cheques ) vide RBI Circular DPSS CO CHD No 1832/1.07.05/2009 -10 dated 22nd Feb 2010.

As per the guidelines
  • Customers are no longer allowed to alter the Amount or Payee name while issuing a cheque
  • Cheques with such corrections will no longer be honoured effective 1st July 2010
All are advised to issue fresh cheques in case they need to make corrections. Customers need to know that cheues with alterations or corrections ( despite having their signatures next to them) will no longer get cleared by banks after 1st July 2010

To know further about the changes in cheques please CLICK the link below

1 comment:

aoldeva said...

Dear Sir,
Thanks for this valuable information.
Devarajan MK