RBI has decided to introduce new format cheques for all bank transactions across the country from the year 2013. Following this decision, all the cheques in the old format will be condemned and the cheques in the new format will be invariably in force. However, this proposed move of the RBI is fraught with a hitch in so far as the bank clientele who have issued post-dated cheques to a third party 3 to 6 months in advance so as to redeem the same by the banks in the year 2013 would have to face the problem of their cheques getting bounced when the proposed move would come into force. Hence, it is expedient that the RBI makes certain amendment to their policy of new cheque format and accordingly relax the rule so as to allow the redemption of all post-dated cheques until the end of the current financial year.
Bh Indu Sekhar, Tarnaka (Hindu)
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