RBI has reduced the validity period of 6 months to 3 months for Cheques and Drafts....this change will come into effect on 01-04-2012
RBI explained the reason for cutting the validity duration of cheques and drafts in a notification. The federal bank said that it had become commonplace to find people taking undue advantage of the six-month validity of these instruments by circulating them in the market like cash for six months.
