GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Bank on whom it is drawn has to honour the cheque before the date of the cheque
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Bank on whom it is drawn will not honour the cheque before the date of the cheque
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Bank on whom it is drawn has to refer to RBI to honour the cheque before the date of the cheque
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Bank on whom it is drawn has to refer to court to honour the cheque before the date of the cheque
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Detailed explanation-1: -A cheque bearing a later date than the one on which it is actually issued, is called a post-dated cheque. This cheque maybe presented to the drawee bank at any time after its issuance, but the money will not be transferred from the account of the payer until the date mentioned on the cheque.
Detailed explanation-2: -You can ask your bank to stop the payment and need to get give details of the cheque, but remember that person can file case against you in future and if You don’t owe any amount to him then don’t worry.
Detailed explanation-3: -They do that to ensure the payment is made to the payee on or after the stipulated date. This date can be any future date, depending on the needs of the individual or the company. However, like any other normal cheques, a post-dated cheque comes with a validity period of three months from the date of issuance.