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Cheque rule change: Your cheque will bounce if you will not follow THIS rule mandated by RBI - To tackle the increase in cases of bank fraud in the nation, the Reserve Bank of India (RBI) introduced the Positive Pay System ....
Highlights Rules impact your everyday life. Important to know more about these changes in detail. New Delhi: Come January 1, 2021 and several rules that have a major impact in the lives of common man are going to change. These rules range from new Cheque payment, LPG Cylinder prices, GST to name a few. Since these rules are going to affect your everyday life, it is important to know more about these changes in detail. Here are rules that are going to change from January 1 2021. 1. Cheque payments rule In a bid to check banking fraud, the Reserve Bank of India had a couple of months ago decided to introduce the positive pay system for cheque, under which re-confirmation of key details may be needed for payments beyond Rs 50,000. This Cheque payments rule of positive pay system will come into effect from January 1 2021. While availing of this facility is at the discretion of the account holder, banks may consider making it mandatory in case of chequ ....
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