NEWS & ADVICE : CREDIT CARDS
Banks to limit at par cheques to Rs.50, 000
By Ankit Sharma
Nov 1, 2013
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The banks were instructed by The Reserve bank of India (RBI), to limit the cash amount paid to the customer's to only Rs.50,000, for at cheques which are at par, To reduce the risks of terror funding and money laundering, On Tuesday, a notification was issued by the RBI to the banks that any transaction above Rs. 50000, should be debited directly to the account of the customer.

The banks were also suggested to use other means of refunding amounts back to the customer like RTGS or NEFT, The banks have also been advised that cheques which are issued should be account payee crossed, no matter how much the amount is.

For this reason, it said, banks might as well hold the right to confirm records administered by the customer helpful banks and social orders for agreeability with the surviving directions on AML and KYC under such plans.


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