RBI modified guidelines of transactions with checks

by Jeremy Spirogis
RBI changed rules of transactions with checks

new Delhi: If you utilize a test for cash transactions, then you need to learn this information. The Reserve Bank of India (RBI) has modified the principles for top worth test clearing. RBI has launched a brand new system to extend buyer safety in test funds and cut back the incidence of fraud as a result of test leaf tampering. The RBI has determined to introduce a constructive pay system for all checks of Rs 50,000 or extra.

In reality, the Reserve Bank of India (RBI) has modified the principles for top worth test clearing to cut back the incidence of test fraud. <! –

->
The RBI has taken this determination with the target of enhancing the safety of consumers in test funds.

According to the brand new guidelines, it has been determined to start out a constructive pay system for all checks of Rs 50,000 or extra. Under the constructive pay system, full info might be sought from prospects on the time of issuing the test. At the identical time, earlier than making cost, banks will examine based mostly on the data given by the purchasers and solely after that cash might be paid. This will assist forestall test associated fraud. The system will cowl 20% of the whole checks issued throughout the nation and 80% of the transaction might be coated by the test based mostly on the worth. RBI mentioned that operational pointers could be issued quickly for this objective.

Know how the brand new system will work

Under the constructive pay system, particulars of the test issued by the account holder akin to test quantity, test date, payee identify, account quantity, quantity and so on. in addition to photograph of the entrance and reverse aspect of the test earlier than handing the test to the beneficiary Have to do. When the beneficiary deposits the test to be encashed, the test particulars offered by means of the financial institution constructive pay might be in contrast. If the main points match, the test might be cleared.

Leave a Comment