The RBI directive to banks, asking them not to honour cheques with overwriting, will come into effect from December 1 instead of the earlier scheduled date of July 1, the apex bank said in its latest circular. The new rule is intended to prevent fraudulent withdrawal of money and expedite clearance of cheques.
Meanwhile, telecom company Bharti Airtel subscribers received an SMS on June 28 that said "as per RBI, cheques with changes in amount or payee name (despite signature next to them) will not be cleared with effect from July 1."
However, Airtel today said that it is in the process of sending a revised advisory to its customers informing them about the change in the deadline to December 1.
Read more: http://www.taxguru.in/rbi/cheque-with-alterationcorrections-will-be-honoured-till-30th-november-2010.html#ixzz0sR6WuqzD
No comments:
Post a Comment