From April 1 next year, cheques and bank drafts will have a life of just three months instead of the earlier six.
In a notification on Friday evening, the Reserve Bank of India has said these instruments will have to be presented within three months from the date of issue as it has been brought to its notice by the government that some persons were taking undue advantage of the six month validity of cheques/drafts/pay orders/banker’s cheques by circulating them like cash for this period.
From: http://ping.fm/74mV0
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