Cq Alterations

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.

Post your Valuable Comments below:

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s