spot_img
33.5 C
Mangalore
Thursday, February 2, 2023
spot_img
spot_img
spot_img
spot_img

Popular Articles

New rule on Cheque Payment from January 1, 2021

A few months ago, a positive pay system had been introduced by the Reserve Bank of India(RBI). Under this system, in order that transactions greater than Rs. 50000 can be done, one needs to follow rules of cheque payments. The rule will be applicable from January 1, 2021 so that cases of fraud and abuse of cheque payment can be avoided.

- Advertisement -

Being an automated fraud detection tool, Positive Pay will help match specific cheque information like cheque number, payee name, account number and other details which will be previously authorised and issued by the issuer.

The process requires reconfirming key details of large value cheques. The issuer of the cheque is required to submit to the drawee bank, details of that cheque which are cross checked with the presented cheque by Cheque Truncation System(CTS) via SMS, mobile app, internet banking, ATM etc. the issuer should also make sure that there are no discrepancies else, there will be redressal measures that the CTS will flag off and the bank will take necessary action.

The facility of Positive pay in CTS will be facilitated by National Payments Corporation of India. The banks are then required to enable all account holders who will then be issued cheques that can be used for amounts above Rs. 50,000.

One must also note that the account holder can choose whether or not to avail this facility. Banks have the discretion to make this method mandatory for payments greater than Rs. 5,00,000.

The CTS grids will only accept those cheques which are compliant with the above instructions for dispute resolution mechanism. Those banks who are members of this arrangement may make arrangements for cleared or collected cheques outside CTS as well. They are also advised to alert and make customers aware of the new systems.

[ss_social_follow]
- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

61,975FansLike
65,045FollowersFollow
5,247FollowersFollow

Recent Articles

Cold wave and rising viral fever in Dakshina Kannada

In response to the chilly weather that is currently in effect, the health department has started a health awareness campaign in the area. The...

Karnataka is set to recognise Tulu as a second official language

Tulu is probably going to replace Kannada as the second official language of Karnataka. A committee has already been established in this regard, and...

Young football player from Deralakatte sets a Guinness record

Mohammed Shaleel, a resident of Belma in Deralakatte, submitted an exceptional football accomplishment to the Guinness Book of World Records.  Two successful football players' Guinness records have been broken by him. With a football, he has completed 10 rounds in just 30 seconds. In 2017, someone at Dele, England, completed 7 rounds in 30 seconds. In the same way, Tasha Nichole Terani, a female football player from West Lake Village, California, hit 18 rounds in one minute in 2020. The parents of Mohammed Shaleel are Mumtaz of Belma in Deralakatte and R B Abdul Hameed. He is a student in his last year at Kulur's Yenepoya Aviation and Logistics College. He had applied online in order to break the record. He had submitted the test via online video because the answer would come in a month. Within a week, the outcome was communicated through email. Since he was ten years old, Shaleel has been interested in football. He and his pals used to play behind their house. For the previous two years, he had undergone training. His family members, notably his brother and cousins, provided him with support as well. He had received a football as a gift from his Kasargod-based acquaintance Mudassir Dash. Shaleel will receive the certificate in a week.The president of his college congratulated him and gave out candy to mark the achievement."It makes me very happy to see my name onGoogle,I'll keep working to break the record", Shaleel stated.