Cheque/Demand Draft/Pay Order validity reduced from six months to three months?

Sushubh

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This is insane.
 

agantuk

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This was announced quite some time back. Some banks already follow this, the hard start is next FY
 

Sushubh

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does it apply on international checks too? i mean dollar checks already take like 20 days in processing. and if they are sent using regular mail, delivery too can take as long as 20 days. :D40 days are gone just like that. add some other delays. :)
 


agantuk

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I don't think this covers international instruments. Only cheques issued from Indian accounts are under the ambit. Let me see if I can pull up the official link
 

Sushubh

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righto. would be weird for international currency checks. i have a check that i have to deposit next month issued in february. should be safe i guess.
 

agantuk

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Reserve Bank of India

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That link contains the circular. No mention of foreign or domestic. Better issue for clearance. Indian banks are morons.
 


Sushubh

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would do it on april 1 :D

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Reserve Bank hereby directs that with effect from April 1, 2012, banks should not make payment of cheques/drafts/pay orders/banker’s cheques bearing that date or any subsequent date, if they are presented beyond the period of three months from the date of such instrument.

i guess this ruling applies to banks who are to release the funds. since international checks are cleared by international banks, this ruling should not affect these checks. that is my interpretation :D
 

agantuk

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^ True. But try explaining that to the idiots who sit behind the desks in the banks. They would hardly listen. I have had a hard time explaining those losers the different tax exemption criteria.
 

Sushubh

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dunno. i actually was able to deposit a dollar check in icici that was nearly 6 months (could be 7 months old) easily. the lady at the counter did not bother to check the date. i had little hope of it getting processed. the amount was small (50 dollars) so i pretty much forgot about it. a month later realized that it was processed fine by the US based bank. :D i had actually lost this check during shifting. found it lying in junk one day. :D
 

agantuk

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^ I can relate to that. It feels like you have got some 'extra' money from somewhere :D
 
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