December 16th, 2014 by CHEQUEMAN
Easing norms to enhance efficiency of cheque clearing system, the Reserve Bank will do away with the requirement of returning back paid government cheques to the concerned departments. Presently Cheque Truncation System (CTS) is used to clear cheques that facilitates presentation and payment of cheques without their physical movement. However, with regard to government cheques, […]
November 28th, 2014 by CHEQUEMAN
The Reserve Bank of India recently implemented many new cheque rules to handle the rise in cheque related fraud cases. Some of them has been given below: 1) SMS alerts: The RBI asked banks to send an SMS alert to both payer and drawer when the cheque is received for clearing. Till now, SMS alerts […]
November 18th, 2014 by CHEQUEMAN
A cheque is a document that orders a bank to pay money from an account. Technically, a cheque is a negotiable instrument instructing a financial institution to pay a specific amount of a specific currency from a specified transactional account held in the drawer’s name with that institution. Both the drawer and payee may be […]