Customers who receive payments through cheques/pay orders/drafts will henceforth have to present them to banks within three months if they want them credited to their account. At present, they enjoy a six-month period (from the date of the instrument) up to which they can present them to banks for payment.
A circular issued by the Reserve Bank of India has asked all banks to implement the new rule from April 1, 2012. It has asked banks to notify holders of such instruments of the change in practice by printing or stamping on the cheque leaves, drafts, pay orders and banker's cheques issued on or after April 1, 2012.
The change in policy has come about because some persons have been using these cheques/drafts/pay orders like cash and circulating them in the market for six months.
IN PUBLIC INTEREST
The RBI, citing public interest, has thought it necessary to reduce the period from six months to three months.
It has asked banks not to make payment against the instruments if they are presented beyond the period of three months from the date of the instrument.
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