Sunday, November 4, 2012

Your present Cheque Book may not be Valid After 31.12.2012


on Sunday, November 4, 2012

As per RBI guidelines, there have been certain changes made to the cheques issued by the Bank. However, these changes are available only in cheque books issued after August 2011. If you have obtained the cheque book prior to this, the cheques will not be valid after December 31, 2012. 

HDFC BANK website Show following Message

If the cheques you currently hold have the following features, they will be valid after the given date.

"Please sign above" is mentioned on cheque leaf on the lower right-hand side.
A wave like design is embossed on the left-hand side of Cheque leaf


HDFC Bank has released its new cheque format as under.


Additionally, any post-dated cheques issued by you and due after December 31, 2012 will need to be replaced by the fresh cheques meeting the above mentioned guidelines. 

So be careful and get your new Cheque book from your Bank. 

We have Given the example of HDFC Bank But the Same is applicable on all banks as the Instructions has been issued by RBI .

Further we have inquired about changes from State Bank Of Patiala Branches but they have showed ignorance about the new rules ,However from the close scrutiny of the cheque book issued by SBOP ,it seems that mandatory features has already been  incorporated  in their cheque books.
To confirm the status of cheque book , please inquire  latest status from your bank branch and ,if required ,ask for new cheque book ASAP.

Meanwhile ,State Bank Of India Has Published an advt. In news papers as on 05.11.2012 .Ads as given in HT (Hindustan Times Page -3 Chandigarh Edition ) is reproduced here under.

RBI Guidelines In This regard is given below.

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  1. ? is the reason for RBI guiding such change....not given. Now-a-days whenever you buy something in instalments we give 24/36 post dated cheques. These cheques are deposited by their head office in other corner of the country. !!! happens to those finance companies.....!!!!. IT Dept. brincgs changes to inconvenience the public so that their presence is felt. Is the same route adopted by RBI.

    ReplyDelete
    Replies
    1. Each change have some benefits and disadvantages .Meanwhile RBI has circulate for the benefit of the customers .At this time it may be brought one time problem for customer but overall it is beneficial as it will help in preventing fraudulent transactions

      Delete
  2. It is observed that the new cheque books contain only order cheque leaves and there is no provision for cash withdrawal by cheque. One cannot presume that all account holders are issued ATM cards for withdrawal. Moreover, cash withdrawal from bank counter is free of cost whereas obtaining an ATM card cost something by way of bank charges. Is this the reason for making these changes/

    ReplyDelete
    Replies
    1. In our view changes has been made due to security reasons . Further there will be only one set of cheque book i.e new one after 31.12.2012 for cash withdrawal also.

      cash withdrawal from branches can be done without cheque through withdrawal form also.

      Delete
  3. Is it applicable to Individuals only or all Companies,HUF etc

    ReplyDelete
  4. I have already submitted the 12 post dated cheques to one financial institution for repayment of Home Loan , what will happen to those cheques and is any penalty will be imposed if someone pay through the old chequebooks.

    ReplyDelete
    Replies
    1. you should get new cheque book from your bank branch and issue new cheques to financial institution and get back your old cheques

      Delete
  5. when the last date of cheque valid

    ReplyDelete