Issuing a check for an amount of more than five lakhs? First know this new rule of RBI
RBI New Check Rule: If you also use check payment mostly for your liabilities, then this news can be of use to you. According to the new rules of the Reserve Bank of India (RBI), now if you issue a check for an amount of five lakhs or more, then for this you will have to inform your bank first.
If you do not do this, then your check will bounce, and you may also have to pay a penalty. RBI has made this rule mandatory keeping in mind the prevention of bank fraud and the protection of customers from this.
Regarding the new rule, a bank manager informed, “Before issuing a check for an amount of five lakhs or more to the account holder, it is necessary to inform the bank manager or the concerned officer. You can give this information by coming to the branch. The bank should have information about the check in advance, otherwise your check will not be accepted.
Another bank manager said, “Some banks ask their customers about the check. If the account holder refuses to issue the check, then the bank immediately stops the payment. However, now with this new rule, customers are protected from fraud. It will be easy to escape. Many checks have been stopped so far under the new guideline.
Senior citizens may have trouble with the new rule
At the same time, many people associated with the banking sector say that there is confusion among the customers regarding this new rule. Many people believe that due to this, senior citizens may have to face problems.
According to a bank official, “If a customer has to transfer urgent money, then he can use NEFT or RTGS facility for this. However, for NEFT, the account holder should have online banking facility.
Most of the senior citizens do not have information about this. Such senior citizens will have to go to the bank branch and fill the form and give all the information related to the cheque. Which can become a problem for them.”
Let us tell you that before this, RBI had issued this guideline for check payment on January 1 in the name of ‘Positive Pay System’. These rules were applied to checks of amount 50,000 or above. Now its amount has been increased to 5 lakhs or more.
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