Banking and monetary regulator, Reserve Bank of India has directed changes in rules guiding financial instruments  and FDs which would come into effect from April next year.

The directive has been implemented on cooperative banks too. The cooperative lenders have been guided to consider a cheque/demand draft valid only for 3 months from its date of issue rather than the 6 months tenor earlier with effect from April 2012.

"The RBI directs that with effect from April 1, 2012, banks should not make payment of cheques/drafts/pay orders/banker's cheques bearing that date or any subsequent date if they are presented beyond the period of three months from the date of such instrument," read a notification by the apex bank.

"In India, it has been the usual practice among bankers to make payment of only such cheques and drafts as are presented for payment within a period of six months from the date of the instrument," the notification read.

"The RBI is satisfied that in public interest and in the interest of the banking policy, it is necessary to reduce the period within which cheques/drafts/pay orders/banker's cheques are presented for payment from six months to three months from the date of such instrument," it said.