We, at Cogzidel would like to inform our readers that RBI has issued a notification regarding validity of cheques. Currently cheques issued are valid for a period of 6 months from the date of the cheque. The notification states that the validity period of cheques shall be reduced from 6 months to 3 months with effect [...]
Thousands of Service providers in India, who have customers in abroad countries, use Paypal account in order to receive payments from those customers. Though the charges (levied by Paypal and intermediary banks) are considerably high in comparison with other modes of receiving payments from foreign customers in to India, the service providers in India have [...]
The Reserve Bank of India (RBI) has revised the threshold value limit for Real Time Gross Settlement (RTGS) transactions, which will be effective from 15th Nov 2010. Accordingly, effective 15 Nov 2010: 1. The minimum threshold value limit for RTGS transaction will be increased from INR 100,000 to INR 200,000 2. RTGS instructions below the [...]
RBI/2010-11/ 238 RPCD.CO RRB.BC.No. 25 /03.05.33/2010-11 October 19, 2010 The Chairmen All Regional Rural Banks (RRBs) Dear Sir, Collection of third party account payee cheques – Prohibition on crediting proceeds to third party accounts Please refer to our circular RPCD.CO.RRB.BC.No.19/03.05.33/2009-10 dated September 11, 2010 on the captioned subject, in which it has been stated that [...]
Kindly find below the circular received from RBI -NCC, Chennai with reference to the enhancement of threshold limit for High Value clearing transactions :- ———————————————————————————————————————— > RBI is working on phasing out High Value clearing transactions in the larger interest of customers and in view of the risks involved > Keeping in view [...]