New cheque system

service

Hi Experts, Recently Banks have started issuing new kind of cheques and withdrawing old one, and also where they say that old cheques issued to any banks, persons etc., to be returned within 31.12.2012. So If a person collects old cheque for lending money, What is is Position Now ? Will banks honour this cheques or not
 
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director

New CTS ch deadline extended till 31.03.2013

 
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Dear Mr. Naveen,

one part of your question has been resolved by Mr. Rahul rightly.

If you collect old cheques for lending money or giving friendly loan you will only be able to use the old ones till the last date of extended period else you have to ask for new cts cheque from concern to enable you to realize the amount from the bank through new cheques.

I hope you got the complete answer.

 
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service

Thanks U Mr.Rahul & Ravi for your reply & information,

It's no doubt one part of my question has solved,

But my doubt is that, if a person already collects cheque long back and if we ask the borrower [person] to give new cheque but he denies for the same.  in such case what is the option/remedy for lender.   If the banks deny / dis-honour the old cheque, is lender lose his amount and cant be able to file a case against the borrower ?

This is my question.  Pls clarify the same  Thanking You

 
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director

dont worry,

after 31-03-2013 also, your old ch will be good for banking, but it will take little longer time in clearing with little charges,

rbi will decide later, what will be charges.

 

 

 

 
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Dear Sir,

At the outset I would say as long as this extn period is available to you till 31.03.2013, you must not be bothered however in that stuation you have option to file suit for recovery for chq amt in the competent court.

Learned all members correct me if i am wrong anywhere,I would like to learn from all luminaries from this fraternity.

Regards,

R S Sharma

 
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service

 

Out the outset those who gave the cheque will surely take undue advantage of this new system, unless RBI focus something on this.  What you say sir ?  

Thanks

 
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Dear Sir,

You are absolutely correct but for those who are dishonest otherwise if a person committed to return will never be like this.

I hope so may be RBI working on this issue.

Regards,

R S Sharma

 
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