Cheques Current Affairs, GK & News
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 ..
Month: Current Affairs - December, 2020
Category: Economy & Banking Current Affairs
Topics: Bank fraud • Cheque • cheque truncation system • Cheques • NPCI • positive pay system • RBI Positive Pay System • Reserve Bank of India (RBI)
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 ..
Topics: Banking • Business law • Cheque • Cheques • Economy • Financial services • Money • Negotiable instrument • Negotiable Instruments Act • Numismatics • Payment • Payment systems