25 February 2010
I come to know that all cheque are now becoming at par cheques subject to with MICR code and any where banking facility. Am I right or wrong
25 February 2010
You are right, but to collect more revenue, banks are still charging outstation clearing charges. There is no RBI circular in this regard till date.
26 February 2010
At par cheques can be cleared on the same day if presented before the settlement time. Otherwise, next day.
Outstation cheques can take any period ranging from 2-10 days depending on the connectivity the banks have amongst themselves and the distance the cheque has to travel.
26 February 2010
The at par cheque is linked with the account number which has pan india settlement approval. Whereas, if the bank account is maintained without the at par facility, then for settlement, the cheque has to travel back to the drawer's location. Hence, it can take time upto 10 days.
CAclubindia
