{"id":7411,"date":"2011-11-07T04:39:00","date_gmt":"2011-11-06T23:09:00","guid":{"rendered":"http:\/\/lex-warrier.in\/?p=381"},"modified":"2011-11-07T04:39:00","modified_gmt":"2011-11-06T23:09:00","slug":"the-validity-period-of-cheques-dds-reduced-from-6-months-to-3-months","status":"publish","type":"post","link":"https:\/\/lex-warrier.in\/archives\/the-validity-period-of-cheques-dds-reduced-from-6-months-to-3-months.html","title":{"rendered":"The validity period of cheques\/ DDs reduced from 6 months to 3 months."},"content":{"rendered":"<div style=\"text-align: left;\" dir=\"ltr\">\n<p style=\"text-align: justify;\">The validity period of cheques\/ DDs reduced from 6 months to 3 months. This will be effective 1.4.2012. For further information Copy of the RBI Circulation has been given below<br \/>\nRBI\/2011-12\/251<br \/>\nDBOD.AML BC.No.47\/14.01.001\/2011-12<\/p>\n<p style=\"text-align: justify;\">November 4, 2011<\/p>\n<p style=\"text-align: justify;\">The Chairmen\/Chief Executive Officers<br \/>\nAll Scheduled Commercial Banks (excluding RRBs)\/Local Area Banks<\/p>\n<p style=\"text-align: justify;\">Dear Sir,<\/p>\n<p style=\"text-align: justify;\">Payment of Cheques\/Drafts\/Pay Orders\/Banker\u2019s Cheques<\/p>\n<p style=\"text-align: justify;\">In India, it has been the usual practice among bankers to make payment of only such cheques and drafts as are presented for payment within a period of six months from the date of the instrument.<!--more--><\/p>\n<p style=\"text-align: justify;\">2. \u00a0It has been brought to the notice of Reserve Bank by Government of India that some persons are taking undue advantage of the said practice of banks of making payment of cheques\/drafts\/pay orders\/banker\u2019s cheques presented within a period of six months from the date of the instrument as these instruments are being circulated in the market like cash for six months. Reserve Bank is satisfied that in public interest and in the interest of banking policy it is necessary to reduce the period within which cheques\/drafts\/pay orders\/banker\u2019s cheques are presented for payment from six months to three months from the date of such instrument. Accordingly, in exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949, Reserve Bank hereby directs that with effect from April 1, 2012, banks should not make payment of cheques\/drafts\/pay orders\/banker\u2019s cheques bearing that date or any subsequent date, if they are presented beyond the period of three months from the date of such instrument.<\/p>\n<p style=\"text-align: justify;\">3. \u00a0Banks should ensure strict compliance of these directions and notify the holders of such instruments of the change in practice by printing or stamping on the cheque leaves, drafts, pay orders and banker\u2019s cheques issued on or after April 1, 2012, by issuing suitable instruction for presentment within the period of three months from the date of the instrument.<\/p>\n<p style=\"text-align: justify;\">4. \u00a0Please acknowledge receipt<\/p>\n<p style=\"text-align: justify;\">Yours faithfully,<\/p>\n<p style=\"text-align: justify;\">(Deepak Singhal)<br \/>\nChief General Manager in-Charge<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The validity period of cheques\/ DDs reduced from 6 months to 3 months. This will be effective 1.4.2012. For further information Copy of the RBI Circulation has been given below&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[47],"tags":[141,624,3515],"class_list":["post-7411","post","type-post","status-publish","format-standard","hentry","category-legal-update","tag-138-cases","tag-cheque-bounce","tag-validity-period-of-cheques","no-post-thumbnail","clearfix","entry"],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The validity period of cheques\/ DDs reduced from 6 months to 3 months. | The Lex-Warrier: Online Law Journal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lex-warrier.in\/archives\/the-validity-period-of-cheques-dds-reduced-from-6-months-to-3-months.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The validity period of cheques\/ DDs reduced from 6 months to 3 months. | The Lex-Warrier: Online Law Journal\" \/>\n<meta property=\"og:description\" content=\"The validity period of cheques\/ DDs reduced from 6 months to 3 months. 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