M F AHMAD
Daltonganj, April 17: Bank customers are yet to be acquainted with the RBI’s measures to check and contain cheque fraud.
As cheques are cloned, signatures are copied etc, there is a serious danger of fraudulent encashment of the cheques.
The RBI has put an advice to the bank mandatory for cheques worth more than 2 lakhs of rupees if drawn in favour of someone else instead of the cheque holder (read account holder who issues the cheque) drawing any amount to himself.
To put it simply if X issues a cheque for rupees 2.5 lahks or 5 lahks or any other amount bigger than this to Y then the X has to give an advice on a prescribed proforma to the concerned bank about whose cheque he has issued as to who this Y is, what is his account number and in which bank, cheque number and the amount and all-purpose of issuing cheque by X.
If such financial details are not advised to the bank from both the issuer to cheque and the recipient of the cheque, then the aforesaid cheque is bound to declare ‘uncleared’ by the clearing house citing the reason as advice to the concerned bank not available.
The cheque will be returned as uncleared and unconfirmed.
The return of the cheque is not bouncing off the cheque which is altogether a big offence.
This return of the cheque uncleared by the clearing house carries life if advice is immediately given although late to the bank. A bearer or order cheque has a 3-month life from the date of its issue.
