Cheque Current Affairs, GK & News

Cheque

A cheque is a bill of exchange in which one party (Drawee) is a Bank. So a Drawer (account Holder) draws the Cheque on the (Drawee bank) in the name of a Payee. The Drawer has to write the amount in both in figures and words. If different values are written in Figures and words, ..

RBI Positive Pay System

The Reserve Bank of India is to introduce “Positive Pay System” from January 1, 2021 for cheque transactions above Rs 50,000. This is to be done to enhance safety and eliminate frauds. What is Positive Pay System? It is a process of reconfirming key details of large-value cheques. The large value cheques are those where ..

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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, ..

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Social Security Code for New India

The government is in the process of formulating the code on social security and welfare for the third time as the trade unions and industry bodies had raised objections to some provisions in the earlier draft. The social security code is part of government’s effort to overhaul the country’s labour laws to condense them into four ..

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SBI launches doorstep banking service for senior citizens over 70 years of age and differently-abled customers

The State Bank of India (SBI) has launched doorstep banking service for senior citizens over 70 years of age, differently-abled customers and infirm customers, including visually-impaired customers. Eligible customers can avail this service at a nominal fee of Rs. 100 per transaction for financial transactions and Rs. 60 for non-financial transactions. The doorstep banking services ..

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Lok Sabha passes Negotiable Instruments (Amendment) Bill, 2017 on cheque bounce cases

On July 23, the Lok Sabha passed the Negotiable Instruments (Amendment) Bill, 2017 that allows a court hearing a cheque bounce case to direct the drawer — the person who wrote the cheque — to pay interim compensation to the person who filed the complaint. The interim compensation, to be paid within 60 days of ..

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