BANKING AFFAIRS

Detailed explanation-1: -Only use a blue or black ballpoint pen or a pen that does not leak ink.

Detailed explanation-2: -By not using a MICR toner or ink, your organization runs the risk of checks being rejected by the bank. This can lead to your organization incurring unwanted problems, including: Lost time and additional labor due to the voiding and reissuing of a payment. Bank fees as high as $35 for each returned check.

Detailed explanation-3: -However, Reserve Bank of India (RBI) has not prescribed specific ink colors to be used to writing cheques.

Detailed explanation-4: -Based on their banking policies, many banks will refuse checks written in non-standard ink colors – meaning anything not black or blue. Checks may be voided or even be declared fraudulent, the latter of which can get your account closed.