RBI Circular – DPSS.CO.CHD.No. 2806 / 04.07.05 / 2009-10 dated June 22, 2010
Prescribed Guidelines with respect to alterations / corrections on cheques:
As per the said guidelines, no alterations or corrections are permitted on cheques. In line with RBI directives from December 01, 2010 any cheque bearing alterations or corrections will not be accepted by the Bank at the time of deposit. In case of such cheques deposited through drop-boxes or any other similar means, the same would be returned by the bank on receipt/presentation. The Bank will not be responsible in any manner for the inconvenience and losses incurred due to the return of cheques bearing alterations or corrections.
**VRIDHI: Our clients are advised to be cautious when depositing cq’s directly in our a/c towards the payment of shares purchased, since banks are most likely to charge penalties even for unintentional error.