India has become one of the leaders of digital currency. But still some people use traditional methods for transactions such as cash or cheque. But there are so many rules that you need to know before using cheques for transitions.
The Reserve Bank of India rolled out a ‘positive pay system’ a couple of months ago. Under this new rule, those making payments of over Rs 50,000 will need to reconfirm some key details.
Positive Pay system is an automated fraud detection tool that matches specific information related to the cheque presented for clearing, such as the cheque number, cheque date, payee name, account number, amount, and other details against a list of cheques previously authorized and issued by the issuer.