RBI has reduced the duration of validity of cheques and drafts from six months to three months. In a notification, RBI has said that from 1 st of April next year, customers will have to present the cheque and drafts for disbursement of cash with in three months.
RBI has said that it has been brought to its notice by the government that some persons were taking undue advantage of the six month validity of cheques, drafts, pay orders or banker's cheques by circulating them like cash for this period.
Customer awareness, banks have been asked to print the change on cheques and drafts that will be issued from April 1, 2012. RBI also asked banks to ensure that account payee cheques and drafts are only credited to accounts of the person named in the cheque or draft.
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