Till then A cheque and Demand Draft will Valid ?
I think it is 6 month for Cheque and 3 month for DD.
Is it ?
2 Replies
RAKESH
(Almost CA)
(2199 Points)
Replied 17 June 2012
As per the recent RBI Notification No RBI/2011-12/251 DBOD.AML BC.No.47/14.01.001/2011-12 dtd. 4th Nov 2011, the RBI has instructed the member banks that , from 01.04.2012 onwards , the Cheques bearing dates more than 3 months will not be paid by the banks. This is being done to curb the practice of circulating the same like cash for 6 months. At present these instruments are being honoured by the banks for a period of 6 months from the date in the instrument.
Source :- www.rbi.org.in
KRISHNAPRASAD IYER
(B.Com , CA Final)
(657 Points)
Replied 17 June 2012
From 1.4.12, both cheques and dd will be valid for 3 months only.
However, cheques and dd dated before 1.4.12 will be valid for 6 months
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