Under the Reserve Bank of India’s direction effective 1 April 2012, what is the presentation period for…
The Reserve Bank of India reduced the presentation period from six months to three months. Its direction applies to cheques and bank drafts dated 1 April 2012 or later, with…
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Under the Reserve Bank of India’s direction effective 1 April 2012, what is the presentation period for a cheque or bank draft, measured from the date on the instrument?
Answer and explanation
Correct answer B
The Reserve Bank of India reduced the presentation period from six months to three months. Its direction applies to cheques and bank drafts dated 1 April 2012 or later, with the period measured from the date on the instrument.
Option feedback
Option A
Six months was the earlier banking practice before the reduction.
Option B
The RBI direction sets a three-month presentation period from the date on the instrument.
Option C
The direction does not specify nine months.
Option D
The direction does not specify twelve months.
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Madhya Pradesh Judicial Services