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Validity Of Cheques, Drafts, Pay Orders & Bankers Cheque Will Reduce From 6 Months To 3 Months W.e.f 1st April 2012

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As per the notification issued by the Reserve Bank Of India (RBI) on November 4th 2011, now the period for the payment i.e validity of cheques, Drafts, Pay orders and bankers cheque have been reduced from 6 months to 3 months with effect from 1st April 2012.

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Considering the misuse of the privilege granted by the central bank of India of providing 6 months validity for the payment of the cheques, Drafts, Pay orders and bankers cheque. Now RBI have initiated a new rule under which these instruments needs to presented within 3 months from the date of issue to stop the misuse of circulating these instruments like cash.

So with effect from April 1, 2012, your cheque or other instruments will only be valid for payment if presented in bank within 3 months from the date of issue.

Official Notice By RBI For The Payment of Cheques/Drafts/Pay Orders/Banker’s Cheques

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