Scrap post-dated cheque system: RBI panel
ENS Economic Bureau: Mumbai, Feb 01 2013, 00:59 IST
interest warrants and dividend warrants. “Where such physical instruments are issued, a processing charge (for instance Rs 25 per instrument) may be levied by the paying bank when the instrument is presented for payment,” the paper said.
Similarly, cash deposits in current accounts need to be discouraged actively, the RBI paper said. It is learnt that certain segments of business are heavy users of cash which not only adds to the ‘social cost of payments’ but also adds to the cost of cash handling at banks.
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