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validity of chqs


What could be the Validity date of Chq dated 22.12.2011 as per new RBI norms for validity from 1.4.2012 to three months period. 

 
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POWER OF DEFENSE IS IMMENSE

norms of the date of cheque will be applicable.

 
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That means we can deposit upto 22.06.2012 it is valid as it has been issued for date 22.12.2011

 
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Practicing Lawyer

Post April 2012 all cheques would have validity of three months from the date of  its issuance.

 
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At present all Cheques/ Demand Draft will have validity of three months from the date on the instruments i.e. Cheques/Demand draft.

 
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Practicing Lawyer

From 1st April validity of  Cheques/Drafts/Bankers Cheque is Three months from the date of its issuance.

Notification fated 04-11-2011 issued by RBI to this effect is appended below:

CIRCULAR NO. DBOD.AML BC.NO.47/14.01.001/2011-12, DATED 4-11-2011

In India, it has been the usual practice among bankers to make payment of only such cheques and drafts as are presented for payment within a period of six months from the date of the instrument.
2. It has been brought to the notice of Reserve Bank by Government of India that some persons are taking undue advantage of the said practice of banks of making payment of cheques/drafts/pay orders/banker's cheques presented within a period of six months from the date of the instrument as these instruments are being circulated in the market like cash for six months. Reserve Bank is satisfied that in public interest and in the interest of banking policy it is necessary to reduce the period within which cheques/drafts/pay orders/banker's cheques are presented for payment from six months to three months from the date of such instrument. Accordingly, in exercise of the powers conferred by section 35A of the Banking Regulation Act, 1949, 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.
3. Banks should ensure strict compliance of these directions and notify the holders of such instruments of the change in practice by printing or stamping on the cheque leaves, drafts, pay orders and banker's cheques issued on or after April 1, 2012, by issuing suitable instruction for presentment within the period of three months from the date of the instrument.
 

 
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