The Reserve Bank of India has decided to make a change in the cheque payment procedure by including a new rule of re confirmation of details for payments which exceed Rs. 50,000. This new rule will have full effect from the 1st of January 2021. This rule is to safeguard the users from fraud. The “Positive pay system” was introduced in August 2020 as an automatic fraud detection equipment which matches information for the cheque transaction.
Cheque payments differently from 1st of January 2021
