Wednesday, May 5, 2010

Cheques with alteration/corrections will not be honoured from 1st July2010

Cheques with alterations/corrections will not be honoured from 1st July 2010
Apr 22, 2010 RBI  

RBI  has issued RBI Circular No.  " DPSS.CO.CHD.No. 1832/01.07.05/2009-10 dated 22nd February 2010 by virtue of which Banks are supposed to prohibit alterations / corrections on the cheque leaf. Circular summary is as follows:-

Prohibiting alterations / corrections on cheques : No changes / corrections should be carried out on the cheques (other than for date validation purposes, if required). For any change in the payee’s name, courtesy amount (amount in figures) or legal amount (amount in words), etc., fresh cheque forms should be used by customers. This would help banks to identify and control fraudulent alterations.

Based on the above guidelines Banks clearing teams can return cheques which have any alteration in the :

·  Payee Name

·  Amount in numbers

·  Amount in words

The only alteration, which is allowed is the alteration in the date.





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