As per the recent RBI Notification No RBI/2011-12/251 DBOD.AML BC.No.47/14.01.001/2011-12 dtd. 4th Nov 2011, the RBI has instructed the member banks that , from 01.04.2012 onwards , the Cheques bearing dates more than 3 months will not be paid by the banks. This is being done to curb the practice of circulating the same like cash for 6 months. At present these instruments are being honoured by the banks for a period of 6 months from the date in the instrument.
The relevant Notification is reproduced below.
Source :- www.rbi.org.in
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