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Cheques. Almost every adult in today's world would have encountered this term while concluding a business agreement, a home loan, or when paying rent in advance. The people like us, who are involved in business have almost likely encountered this crucial financial tool in the commercial sector. But knowing a post dated cheque validity
is even more important when it comes to business and transactions. I will help you learn about it.
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It won't be inaccurate to claim that almost everyone, with the possible exception of millennials, is aware of what a check is. But it's not their fault; in this technological age, digital payments have become the most common form of payment, and as a result, fewer people deposit or withdraw money using checks.
What are Post-dated Cheques (PDC)?
Post-dated Cheques (PDC) and all of their associated topics are covered on this page. Let's start by having a basic understanding of what a bank check is.
A check is described as a request to the bank for the payment of a certain amount from the account of the account owner to the cheque presenter or drawer. Cheques are printed or written in a unique manner that is difficult to replicate.
With the idea of checks behind us, the idea of post-dated checks should be much simpler to comprehend.
Cheques that have been postdated are regular checks with a future date printed on them. Before the date specified on the check, the banks cannot honour the cheques.
The issue and honouring of post-dated checks is governed by strict rules.
Post-dated checks are typically used as a liability offset or to guarantee that fees are paid after services are rendered. In later parts, we'll discuss post-dated check use scenarios.
Validity of post dated cheque in India
Like regular checks, post-dated checks have a three-month validity period after the date of issuance. On April 1, 2012, the RBI (Reserve Bank of India), India's national bank, changed the validity of all checks from six months to three months.
There is a minor technicality, though. The date of issuance, not the number of days, is used to calculate the three months. For instance, if the check was issued or is due on January 1st, 2021, it will be good until March 31st, 2021, regardless of how many days pass in between.
This is a post dated cheque validity in India.
Read More: Post Dated Cheque Meaning and Uses? How to Write a Post-Dated Cheque?
Post Dated Cheque Validity?
Shahid
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2022-11-10T11:27:12+00:00 2023-08-10T12:07:30+00:00Comment
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