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Circular Details |
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03-06-2010 RBI Mandate for Cheques Reserve Bank of India (RBI) has directed all banks that with effect from July 1, 2010 through its Circular dated February, 22, 2010 that bank customers should not carry out changes / corrections on the cheques, other than for date validation purposes, if required. In case of following, fresh cheque forms should be used by customers: 1. Change in the payee’s name; 2. Change in the amount in figures; and 3. Change in the amount in words. Accordingly cheques issued with aforesaid corrections though counter-signed by the customer are liable to be dishonoured. In addition the RBI Circular has suggested additional features which are to be implemented by the Banks . This will help banks to identify and control fraudulent alterations. -x-x-x- |