Reserve Bank of India, vide
notification dated November 4, 2011 bearing no RBI/2011-12/251
DBOD.AML BC.No.47/14.01.001/2011-12, has reduced the validity period of of Cheques, draft, pay orders, banker's cheques to 3 months from 6 months.
DBOD.AML BC.No.47/14.01.001/2011-12, has reduced the validity period of of Cheques, draft, pay orders, banker's cheques to 3 months from 6 months.
In its notification RBI has
mentioned that:
"some persons are taking undue
advantage of the said practice of banks of making payment of cheques/drafts/pay
orders/banker’s cheques presented within a period of six months from the date
of the instrument as these instruments are being circulated in the market like
cash for six months. Reserve Bank is satisfied that in public interest and in
the interest of banking policy it is necessary to reduce the period within
which cheques/drafts/pay orders/banker’s cheques are presented for payment from
six months to three months from the date of such instrument."
The aforesaid is effective from 01.04.2012
See the notification here: