Cheque clearing: GK, General Studies and Current Affairs

RBI to introduce Positive Pay System to check Cheques

The Reserve Bank of India is to introduce “Positive Pay System” from January 2021. The system makes it mandatory to re-confirm key details of cheques that need payments beyond Rs 50,000. Highlights Under the new system, the issuer of the cheque will have to submit details of the cheque such as name of the beneficiary, ..

Validity of cheques, drafts cut to 3 months

From April 1, 2012, the cheques and bank drafts will have a life of just three months instead of the earlier six months. RBI has recently issues a notification that 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 ..