Tuesday, April 3, 2012

Cheque Validity reduce to 3 months

From 1st april onwards, the validity of cheques is reduced to 3 months. The instruments issued after 1st april, 2012 will be honored upto 3 months from the date of issue. The step is taken to make the payment settlements speedy than before. Now the drawers have to ensure the funds in their bank account in time. Also, they have to issue the cheque overwriting free. Else, it will result in return of instruments.