Be aware of the new rules announced by the RBI regarding Cheque payments. Otherwise you may have to pay a fine.
New Delhi: The new rules announced by the RBI regarding Cheque payments have come into effect from the beginning of this month i.e. August 1, 2021. So, if you are going to pay by Cheque, these rules should be heeded. Otherwise you will have to pay a fine.
New banking rules regarding Cheques
The RBI has amended the rules of the National Automated Clearing House (NACH). The Reserve Bank has now decided to continue with the 24-hour Cheque clearing facility. Previously Cheque clearance was 2 days, but under the amended rule the Cheque given by you will go into clearing immediately, so bank account balance needs to be taken into consideration.
So, if you calculate that the money will come to the bank account tomorrow and pay a Cheque today, your Cheque may bounce. So you will have to pay a fine. So you have to be very careful when issuing the Cheque. Check your bank account first and then issue the Cheque.
Now there is Cheque clearing even on holidays
The Reserve Bank of India (RBI) has decided to operate the National Automated Clearing House (NACH) 24 hours a day. This rule applies to all nationalized and private banks. Under this new rule, your Cheque Clearing facility is now available even on vacation. But in such a situation, you should be careful now too. Because now the Cheque given on Saturday is also clear on Sunday.
Change of NACH rules
In a credit policy issued by the Reserve Bank of India (RBI) in June, the NACH services, which are currently only available on banking working days, have been extended from August 1 to enhance customer convenience and make RTGS available 24×7.
What is NACH
NACH, or National Automated Clearing House (NACH), is a payment system operated by the National Payments Corporation of India (NPCI). It facilitates various types of loan and financial transactions such as dividends, interest, salaries and pensions. Apart from this, facilities like electricity bill, gas, telephone, water, loan EMI, mutual fund investment and payment of insurance premium are also provided.
Previously, from January 1, 2021, changes were made in the rules for payment by Cheque, under which people are required to follow these rules when making payments above Rs 50,000. The central bank took this step to prevent fraud in the issuance of Cheques.
Under this rule the date of the Cheque, the name of the payer, the details of the payee and the amount should be given. This information can be provided through electronic means such as SMS, mobile processor, internet banking or ATM.
