Alert! Cheque payment rules are going to change from today | Check Details

Cheque payment rules are going to change from today.

Cheque payment rule:

In an effort to check on the rising cases of bank frauds, the Reserve Bank of India has recently 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 new rule will come into effect from January 1 i-e today. While availing of this facility is at the discretion of the account holder, banks may consider making it mandatory in case of cheques for amounts of Rs 5 lakh and above.