Can pdc cheque be presented before its prior date
SURESH BAGRODIA
(Querist) 08 September 2011
This query is : Resolved
Please let me know wether banks can accept/lodge post dated cheques for clearing.If NO, then please let me know the details of RBI guidline/circuler and also the banking act.
SURESH BAGRODIA
PARTHA P BORBORA
(Expert) 08 September 2011
POST DATED CHEQUES GENERALLY ISSUSED TO PAY BEARER ON THE DATE WRITTEN IN THE CHEQUE. But, you cannot encase the Cheju, before the date written in the cheque.
Advocate. Arunagiri
(Expert) 08 September 2011
The cheque becomes payable only from the date mentioned on it.
Advocate M.Bhadra
(Expert) 08 September 2011
The date written on the cheque is payable on date or after the date within six months,but not before the date.
SAANJAAY GUPTAA
(Expert) 08 September 2011
You can not place the said cheque for encashment before the date mentioned in cheque.
ajay sethi
(Expert) 08 September 2011
i agree with experts
Raj Kumar Makkad
(Expert) 08 September 2011
Law is nothing but a common sense. It is another thing that it is not so common as it is deemed as common.
Cheque is an instruction in writing to banker of the account-holder to make payment mentioned therein under his hand on the date mentioned therein or thereafter within the period of its validity.
prabhakar singh
(Expert) 09 September 2011
Cheque as a matter of fact is the mode of making payment either in present or in future,hence nothing wrong if a post dated cheque is issued postdated.It can be presented for cash collection ,any time with in 6 months from its date but not before the date date mentioned there on.
To know about what cheque is you need no circular or banking regulation act BUT only Negotiable Instruments Act,which you can by search find on net also.
Guest
(Expert) 09 September 2011
Dear Suresh,
There is no bar if any bank likes to accept the post dated cheques, but they cannot present for clearance before the date noted on the cheque. However, to fulfill their immediate need for money they can get the cheque discounted by some other bank or financial institution before the due date. But, even in that case clearance of cheque cannot be made before the due date. For proper guidance on cheques and other bills of exchange you may cheque the Negotiable Instruments Act.
Raj Kumar Makkad
(Expert) 09 September 2011
Issue is not acceptance by banker but its clearance which is not possible before the date mentioned thereon.
malipeddi jaggarao
(Expert) 10 September 2011
Banks can not accept/lodge post dated cheques for clearing as the Bank is acting as collecting Bank and it can not undertake collection of cheque of future date in clearing as clearing dealings on the day to day basis and post-dated cheques will be returned with comments "cheque post dated".
SURESH BAGRODIA
(Querist) 10 September 2011
I think my point is not understood.
The main point is that if Suppose a cheque is dated 3rd. and party deposited the same in their bank on 2nd, and bank has also lodged the same in clearing on same day.
The banks endorsment reverse of the cheque is also mentioned as 2nd, only.
Now as per RBI guidlinethe said cheque will be presented in my bank on 3rd only.
So the point is not that when the cheque is presented in my bank. Because every body knows that a post dated cheque will bounce back.
But the point is that can a bank accept a post dated cheque and lodge the same in clearing prior to the date of the cheque.
I am aware of the banking computer sytem very well, which does not accept any post dated instrment/s.
Actually some banks are adopting this illeagle practice to give benifit to their coustomers.
Further please note that while feeding the cheque in their system, they are altering the actual date of the cheque wrongfully & illegally.This means that if the date of the cheque is 3rd, then while feeding the same in their system they will feed the date of the cheque as 2nd, only.
So please respond wether this practive of the bank & the coustomer is illegal or leagal.
SURESH BAGRODIA
R.Ramachandran
(Expert) 10 September 2011
So long as the cheque in question is not presented to your bank prior to the date given on the cheque, you or your bank can have no objection.
What the collecting bank does in relation to its customer (i.e. accepting the pay-in slip in advance of the date of cheque accompanying it) is its concern. In any case, the bank cannot push it into the clearance prior to the date of cheque.
Further more, your statement, "every body knows that a post dated cheque will bounce back" is not correct. There are scores of post dated cheques which get duly honoured on presentation.
In any case giving a PDC with the knowledge or with the intention that it will be dishonoured in itself is an offence.
girish shringi
(Expert) 11 September 2011
The cheque was presented to your bank was on the date you issued the PDC,is not wrong.
Most of the banks an NBFCS are having the same prctice,even in ECS also,because they know that it will be presented in the issuer's bank on the date which is mentioned in the cheque.
Could it appear in your bank prior to the date mentioned in the cheque,you can proceed under the Law of the Land.
