Depositing a cheque in the bank doesn't always guarantee that it will reach its destination. There are times it gets lost due to the circuitous banking procedures. Often, however, it is misplaced when it is withheld after being dishonoured. And if you haven't applied for the SMS alert facility, it's likely you won't even know that the amount hasn't been credited till you examine your account. Did you know that banks are supposed to inform you when a cheque is rejected and the reason for this? According to a directive by the Reserve Bank of India, banks should return the dishonoured cheque to the account holder within 24 hours, citing the reason for doing so. However, most banks don't bother to follow this procedure. Calling up customer care executives isn't of much help either. They will simply tell you to approach the bank which holds your account to clear up the matter. While the onus for a lost cheque lies with the collecting banker, not with the account holder, it is often the latter who ends up bearing the brunt. This is because if a cheque doesn't get credited on time, you will need to issue a 'stop payment' order to the bank. Most banks charge a fee for this, which ranges from Rs 50-200, depending on the bank. Some banks may provide this service for free if you do it through Net banking . You will then have to issue a fresh cheque or ask the payer to give you one. In some cases, the payer may be unable to draw another cheque. So you will have to approach the branch manager or the nodal officer of the bank. The bank is supposed to solve the problem within a month, but if no solution seems imminent, approach the banking ombudsman. To get the details of the ombudsman in your area, log on to www.rbi.org.in/scripts/bs_viewcontent. aspx?Id=164. You can also file an online complaint on www.rbi.org.in/ scripts/bankingombudsman.aspx. Another problem is that while local cheques get credited within 48 hours, outstation cheques could take 7-15 days. In case you have issued other cheque on the basis of the one that has been misplaced, these could bounce and you will have to pay a fine of Rs 75-300 per cheque. Some banks will charge extra if more than two cheques bounce within a quarter, and the fine can go up to Rs 800 per cheque. Also, if the cheques drawn on an account are rejected four times during a financial year due to insufficient funds, the bank can deny you a fresh chequebook. This is also a criminal offence, punishable with imprisonment for up to one year, or with a fine, which could be twice the amount of the cheque. If you have proof that you had deposited the cheque and that it is lost due to the bank's negligence, you can ask the bank to pay. According to an RBI order, banks should reimburse the account holder for expenses related to obtaining duplicate cheques. However, a few precautions can ensure that the chances of a cheque being dishonoured are minimised. Don't over-write on the cheque and ensure that the date as well as the name of the payee is spelt correctly. Though banks ask you to put the cheque in the drop box, in the case of a high-value cheque, get the counter-foil stamped and keep it carefully. In 2009, the Pune district consumer court ordered Axis Bank to pay Rs 5.61 lakh to building construction contractor Nilesh Pokar after the bank misplaced a cheque. The bank initially claimed that Pokar had an 'unauthorised' counter-foil, but later retracted its statement. Pokar had deposited a cheque for Rs 4.94 lakh in May 2008 and it took him a year to resolve the issue. The court asked the bank to return the original amount with a 12% interest and added Rs 10,000 as compensation.
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