Can anybody provide me with the recent amendments in the law relating to dishonour of cheques as the validity of cheques have now been changed to 3 months from the erstwhile 6 months prescribed period?
• Cheque should be presented to the bank for encashment within its validity period. • Within fifteen days from the receipt of return memo indicating reason of dishonour, a notice should be sent demanding the amount of dishonoured cheque. • If the drawer does not pay the amount of dishonoured cheque within the grace period, a complaint thereafter should be filed within one month in the relevant court having jurisdiction.
Limitation for filing complaint limit defined as from a particular day .
As per RBI guidelines, with effect from April 1, 2012, the validity period of Cheques, Demand Drafts, Pay Orders and Banker's Cheques will be reduced from 6 months to 3 months, from the date of issue of the instrument.
Thanks everyone but I want to know whether the said changes have technically any bearing on the law of dishonour of cheques as per you no amendment has been made qua the validity of cheques in the Negotiable Instruments Act, 1881.