The rules for payment by check have been changing since January 1. The RBI has made this big change

 The rules for payment by check have been changing since January 1. The RBI has made this big change

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The rules for payment by check are going to change from the beginning of 2021. The Reserve Bank of India (RBI) has issued a notification in this regard. People will have to abide by these rules if they pay more than Rs 50,000. However, this would be entirely voluntary. The central bank has taken steps to curb fraud in check payments.

New Delhi: The rules for payment by check are going to change from the beginning of 2021. The Reserve Bank of India (RBI) has issued a notification in this regard. People will have to abide by these rules if they pay more than Rs 50,000. However, this would be entirely voluntary. The central bank has taken steps to curb fraud in check payments.

Positive pay system will be applied

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The RBI has said that it will implement the Positive Pay System from January 1, 2021. Payments over Rs 50,000 in this system will have to be re-confirmed. The system will be able to issue checks via SMS, mobile app, internet banking and ATMs. It will have to provide the date of check, name of the person making the payment, payment and details of the amount

However, all these details will be checked once again by the bank. If any discrepancy occurs in CTS, it will be rectified.