High value and outstation Cheque payment become costlier from 1st April 2011 onwards, as Reserve Bank of India (RBI) has allowed banks to levy higher service charges for their clearing. Previously, RBI did not allow banks to charge more than Rs. 150 per cheque for speed clearing of cheques worth over Rs. 1 lakh and there was no charges for value up to Rs. 1 lakh.
RBI has decided to lower the service charge for outstation cheques up to Rs. 5,000, by allowing a levy of Rs. 25, as against Rs. 50. The outstation cheques between Rs. 5,000 and Rs. 10,000 would continue to attract a fee of Rs. 50, while cheques between Rs. 10,000 and Rs. 1 lakh would also continue to be levied a charge of Rs. 100.
For normal local clearing drawee bank can charge up to Rs. 1.50 per cheque from 1st April, as against Rs. 1 previously.
Read lot more in Rubber4U – 15th April 2011 issue
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