No EMI cheques if ECS is available
July 29th, 2013 by CHEQUEMAN
Banks have been directed by the Reserve Bank of India to not accept any fresh post-dated equated monthly instalment (EMI) cheques at locations where the facility of electronic clearing service/Regional Electronic Clearing Service is available. The central bank has also advised banks to convert existing cheques in such locations into ECS/RECS (Debit) by obtaining fresh […]