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RBI's Positive Pay System for cheque payments to be effective from Jan 01, 2021

September 26, 2020
197 Views
In order to check banking fraud, the Reserve Bank of India has decided to introduce from January 1, 2021, the 'positive pay system' for cheque, under which re-confirmation of key details may be needed for payments beyond Rs 50,000. Banks are advised to create adequate awareness among their customers on features of Positive Pay System through SMS alerts, display in branches, ATMs, etc.
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taxmann.com
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