Wednesday, April 21, 2010

Important - Cheque Alterations, RBI Circular

Important Message regarding alterations on Cheque leaf


We have received RBI guidelines by virtue of which Banks are supposed to prohibit alterations / corrections on the cheque leaf.

As per RBI Circular - DPSS.CO.CHD.No. 1832/01.07.05/2009-10 dated 22nd February 2010.


Prohibiting alterations / corrections on cheques :


No changes / corrections should be carried out on the cheques (other than for date validation purposes, if required). For any change in the payee's name, courtesy amount (amount in figures) or legal amount (amount in words), etc., fresh cheque forms should be used by customers. This would help banks to identify and control fraudulent alterations.


Based on the above guidelines branch / clearing teams can return cheques which have any alteration in the

·       Payee Name

·       Amount in numbers

·       Amount in words

The only alteration which is allowed is the alteration in the date.

The above change will be incorporated by change in the Terms and Conditions on the chequebook.





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regards

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The information contained and provided on this Website provides Investment advice for the education of investors. The posts are an information service only. Recommendations, opinions or suggestions are given with the understanding that readers acting on this information assume all risks involved. We do not assume any responsibility or liability resulting from the use of such information, judgment and opinions for Trading or Investment purposes.
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