New Delhi: From Jan. 1, 2021, your cheque of a larger amount of Rs 50,000 and above will bounce unless you intimate your bank in advance on drawing up such a cheque. The new system introduces a double check on the cheque transactions.
The Reserve Bank of India (RBI) last week announced a new “Positive Pay” system for Cheque Truncation System (CTS) to prevent fraudsters emptying your bank account with fake cheques or tampering of your cheque leaves. The scheme involves a process of reconfirming key details of large value cheques.
