[BitStillrhile]

The Reserve Bank of India (RBI) has mandated that with effect from 01 April 2012, banks should not make payment of cheques/drafts/pay orders/banker's cheques if they are presented beyond the period of three months from the date of such instrument. Accordingly, any such instrument issued on or after 01 April 2012 will be valid for payment only up to a period of three months. Kindly make note of this regulatory change in banking practice.

[SQiTmhuY]

I am surprised that we continue to continue with the system of cheques/drafts/pay orders etc. Is it not time that a cheque is made to be one as such, or as draft or as pay order. Doing so will reduce lot of clerical work and bankers and banking people's time. A cheque can be an instrument for drawing cash, for making (a/c payee) payment to others and should become a draft if validated duly by the drawer's bank. Similarly they can rationalize on pay-in slips which should be common for all banks and made available at stationery shops. Here again the banks will be less crowed, and avoid the begging, borrowing and stealing of ball pens. And what a saving of paper, printing expenses by banks!

[Snuddyentaine]

Yes really a useful information to be remembered by all.

Govindan