cheque

Collection of Account Payee Cheques – Prohibition on Crediting Proceeds to Third Party Account

RBI/2013-14/458 DBOD.BP.BC.No. 87/21.01.001/2013-14 January 22, 2014 The Chairmen / Chief Executives of All Scheduled Commercial Banks (excluding RRBs) Collection of Account Payee Cheques - Prohibition on Crediting Proceeds to Third Party Account Please refer to our circular DBOD.BP.BC.No.50/21.01.001/2011-12 dated November 4, 2011 advising banks that they are prohibited from crediting 'account payee' cheques to the account of… Read More

Tags: BankBusinesschequeFinancial servicesNegotiable InstrumentNegotiable Instruments Act 1881Payment

Migration of Post-dated cheques (PDC)/Equated Monthly Installment (EMI) Cheques to Electronic Clearing Service (Debit)

RBI/2013-14/359 DNBS.PD/ CC.NO.359 /03.10.001/2013-14 November 06, 2013 All NBFCs Dear Sirs, Migration of Post-dated cheques (PDC)/Equated Monthly Installment (EMI) Cheques to Electronic Clearing Service (Debit) A reference is invited to our Circular No DNBS.PD/ CC.NO.316 /03.10.001/2012-13 December 20, 2012 advising all NBFCs to ensure replacement of all Non-CTS-2010 standard compliant cheques received from their customers for future… Read More

Tags: chequeCTS 2010EMINegotiable Instruments Act 1881PaymentReserve Bank of IndiaSection 25

˜At par™ cheque facility extended to Cooperative Banks/RRBs by Scheduled Commercial Banks

RBI/2013-14/344 RPCD.CO.RRB.RCB.BC.No. Cir.No. 48/07.51.010//2013-14 October 29, 2013 The Chairman All Regional Rural Banks (RRBs) All State and Central Co-operative Banks (StCBs and CCBs) Dear Sir, Know Your Customer (KYC)/Anti Money Laundering (AML) Standards/Combating Financing of Terrorism (CFT)/ Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 ˜At par™ cheque facility extended to Cooperative… Read More

Tags: BankchequeIndian Settlement SystemsKnow Your CustomerModern Language Associationmoney launderingPrevention of Money Laundering Act 2002Regional Rural Bank

RBI update w.r.t. ˜At par™ cheque facility extended to Cooperative Banks by Scheduled Commercial Banks

RBI/2013-14/332 UBD.BPD (PCB) Cir. No. 32/14.01.062/2013-14 October 22, 2013 The Chief Executive Officer All Primary (Urban) Co-operative Banks. Madam / Dear Sir, Know Your Customer (KYC)/Anti Money Laundering (AML) Standards/Combating Financing of Terrorism (CFT)/ Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 ˜At par™ cheque facility extended to Cooperative Banks by Scheduled… Read More

Tags: BankchequeIndian Settlement SystemsKnow Your CustomerKYCModern Language Associationmoney launderingPrevention of Money Laundering Act 2002

Migration of Post-dated cheques (PDC)/Equated Monthly Instalment (EMI) Cheques to Electronic Clearing Service (Debit)

RBI/2013-14/158 DPSS.CO.CHD.No./209/04.07.05/2013-14 July 24, 2013 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks/Local Area Banks Madam / Dear Sir Migration of Post-dated cheques (PDC)/Equated Monthly Instalment (EMI) Cheques to Electronic Clearing Service (Debit) We invite… Read More

Tags: BankchequeCommercial bankCTS 2010Debit CardEMINegotiable Instruments Act 1881PDC

Standardization and Enhancement of Security Features in Cheque Forms/Migrating to CTS 2010 standards

RBI/2013-14/141 DPSS.CO.CHD.No./133 / 04.07.05 / 2013-14 July 16, 2013 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks/Local Area Banks Madam / Dear Sir Standardization and Enhancement of Security Features in Cheque Forms/Migrating to CTS 2010… Read More

Tags: BankchequeCommercial bankCTSCTS 2010MumbaiNegotiable Instruments Act 1881New Delhi

Delay in re-presentation of technical return cheques and levy of charges for such returns

RBI/2012-13/493 DPSS.CO.CHD.No. 2030/03.06.01/2012-2013 May 7, 2013 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including RRBs /Local Area Banks Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks Madam / Dear Sir, Delay in re-presentation of technical return cheques and levy of charges for such returns As… Read More

Tags: BankBanking ServicesBusinesschequeClearing (finance)Financial servicesNegotiable Instrument

RBI says – No Restrictions on Issue of Number of Cheques

Reserve Bank of India (RBI) has issued a Master Circular dated 02.07.2012 on ˜Customer Service in Banks™ which, inter-alia, provides that banks may issue cheque books with larger number of leaves (20 or 25) if a customer demands the same and also ensure that adequate stocks of such cheque books (20/25 leaves) are maintained with… Read More

Tags: BusinesschequeIndiarbiReserve Bank of IndiaRun batted in

Payment by post-dated cheque relates back to date of handing over of cheque

CLR Editorial Note: In the Financial year end of 2002, the assessee, a charitable trust eligible for exemption Under/Section 11, received a post-dated cheque dated from Apollo Tyres Ltd for which it issued a receipt. The Assessing Officer held that the post-dated cheque had been accepted by the assessee to do undue favour to Apollo… Read More

Tags: Apollo TyreschequeCommonwealth Law ReportsIncome taxSupreme Court

Standardization and Enhancement of Security Features in Cheque Forms/Migrating to CTS 2010 standards

RBI/2012-13/444 DPSS.CO.CHD.No. 1622/04.07.05/2012-13 March 18, 2013 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks/Local Area Banks Madam / Dear Sir Standardization and Enhancement of Security Features in Cheque Forms/Migrating to CTS 2010 standards A reference… Read More

Tags: 31 July 2013chequeCheque Truncation SystemCTSCTS 2010Indian Banks AssociationReserve Bank of India

New Cheque formats under New Cheque Truncation System introduced by RBI

Replace your old Cheque books The latest directive RBI's says that one  may not be able to use the old cheques with the implementation of the new Cheque Truncation System (CTS-2010) from next year onwards.  The CTS 2010, eliminates physical movement of cheques for the purpose of clearing. Instead, only the electronic images of the cheques,… Read More

Tags: chequeEMIHDFC banknew formatproofRupeeStandards Board of India

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