Monday, April 26, 2010
No more correction on Cheques
My readers in India better note that from 1st of July this year no more correction is permissible while writing Cheques. Only exception you can correct the date and as usual authenticate with your specimen signature that you use while writing the cheque. So far any correction on the face of cheques needed your signatures, be it the amount written in words or figure or the payee's name etc. The banking law has been corrected to nullify the age old practice except the correction in date.
So, those of you are in habit of overwriting or making corrections better be careful and avoid embarrassment for you and others. From the 1st April 2010, your savings bank account with any Bank in India will accrue interest on daily balance basis. The old practice was interest used to be calculated on minimum balance in your account between 10th and last day of any month. This way of course you will be benefited.