RBI UPDATE
Dishonour of cheques – Modification in procedure
Please refer to RBI circular DBOD.BC.Leg.No.113/09.12.001/2002-03 dated June 26, 2003 and paragraph 11.4 (i) of RPCD.CO.RRB.BC.No.100/03.05.33/2013-14 dated May 12, 2014 wherein banks were advised to introduce a condition for operation of accounts with cheque facility that in the event of dishonour of a cheque valuing rupees one crore and above drawn on a particular account of the drawer on four occasions during the financial year for want of sufficient funds in the account, no fresh cheque book would be issued. Also, the bank may consider closing current account at its discretion.
The above instructions have been reviewed and it has been decided to leave it to the discretion of the banks to determine their response to dishonour of cheques of the account holders. Banks should put in place an appropriate policy approved by the Board or its Committee taking into consideration the need to prevent misuse of the cheque drawing facility and avoid penalising customers for unintended dishonour of cheques.
This policy should be transparent, made known to every customer upfront and implemented fairly.
FORMATS
- Form AOC-2 - Disclosure of particulars of contracts / arrangements
- Form AOC-3 - Form of Abridged Financial Statements
- Form DIR-10 - Application for removal of disqualification of directors
- Form DIR-3A- To Include father's first name as surname
- Form DIR-5 - Application for surrender of Director Identification Number
- Form DIR-7 - Verification of Applicant for change in DIN particulars
- Form DPT-1 Circular or Circular in the form of Advertisement inviting deposits
- Form DPT-2 - Deposit Trust Deed
- Form DPT-4 - Statement regarding deposits existing on the commencement of the Act
- Form INC -14 Declaration by Professionals in case of Section 8 Companies
- Form INC -15 Declaration by Person in case of Section 8 Companies
- Form INC-10 Verification of signature of Subscribers
- Form INC-19 Notice in case of conversion of Section 8 Company into any other Company
- Form INC-26 Advertisement for conversion of Public / Private Company into Section 8 Company
- Form INC-8 Declaration by professionals relating to incorporation
- Form MBP 2 - Register of Loans, Guarantee, Security and Acquisition made by the Company
- Form MBP 3- Register of investments not held in its own name by the Company
- Form MBP 4 - Register of Contracts with Related party and Contracts and Bodies etc. in which Directors are interested
- Form MGT-3 - Notice of situation or change of situation or discontinuation of situation, of place where Foreign Register shall be kept
- Form PAS-1 Advertisement giving details of notice of Special Resolution for altering the objects for which prospectus was issued
- Form PAS-4 Private Placement Offer Letter
- Form PAS-5 Record of Private Placement Offer
- Form SH -14 Cancellation or Variation of Nomination form
- Form SH-1 - Equity Share Certificate- Format
- Form SH-10 Register of Shares or other Securities bought back- E- Format
- Form SH-12 Debenture Trust Deed E-Format
- Form SH-13 - Securities Nomination Form
