Whether the High Value Cheque clearance is withdrawn with effect from 01 JUl 2009?
From India, Bangalore
From India, Bangalore
The Reserve Bank of India plans to come up with an approach paper soon to encourage migration of high-value cheques clearing operations to electronic platform.
A meeting of the standing committee of SBCH was held on Monday, during which it was decided to restart high value clearing from July 18 onwards. Once the system was implemented instruments worth Rs. 1 lakh or more, would be credited in the customer’s account on the same day, if presented before 12:00 pm
One lakh rupees is no longer considered 'high value' in banking parlance. Until recently, a cheque amounting to over a lakh was considered high value and would be swiftly cleared on the same day itself, if deposited before 11 am. Now that a lakh is no longer what it used to be, although it can still buy you a car, the Reserve Bank of India has raised the bar
As of May 2nd 2009, a cheque will have to be above Rs 5 lakh, and after August 1st 2009, above Rs 10 lakh for it to qualify as 'high value'. From November 1st 2009, there will be no high value clearing. For same-day clearance, banks are advising their customers to fill in a special form and use RTGF (Real Time Gross Settlement) or NEFT (National Electronic Funds Transfer).
"The idea is to facilitate easier transactions by getting into electronic clearing," says a RBI spokesperson. "Earlier, we made the transfer of amounts over Rs 1 crore mandatory through electronic clearing. We are gradually moving towards all transactions being cleared electronically."
From India, Madras
46A meeting of the standing committee of SBCH was held on Monday, during which it was decided to restart high value clearing from July 18 onwards. Once the system was implemented instruments worth Rs. 1 lakh or more, would be credited in the customer’s account on the same day, if presented before 12:00 pm
One lakh rupees is no longer considered 'high value' in banking parlance. Until recently, a cheque amounting to over a lakh was considered high value and would be swiftly cleared on the same day itself, if deposited before 11 am. Now that a lakh is no longer what it used to be, although it can still buy you a car, the Reserve Bank of India has raised the bar
As of May 2nd 2009, a cheque will have to be above Rs 5 lakh, and after August 1st 2009, above Rs 10 lakh for it to qualify as 'high value'. From November 1st 2009, there will be no high value clearing. For same-day clearance, banks are advising their customers to fill in a special form and use RTGF (Real Time Gross Settlement) or NEFT (National Electronic Funds Transfer).
"The idea is to facilitate easier transactions by getting into electronic clearing," says a RBI spokesperson. "Earlier, we made the transfer of amounts over Rs 1 crore mandatory through electronic clearing. We are gradually moving towards all transactions being cleared electronically."
From India, Madras
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