GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A cheque which has completed 3 months from the date of its issue.
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A cheque issued without drawer’s signature.
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A cheque with only signature of the drawer.
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Any one of the above.
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Detailed explanation-1: -A cheque past its validity, three months after the date of being issued, is called a stale cheque.
Detailed explanation-2: -What is a Stale check? Checks which are at least 180 days old (6 months) are considered stale. Tellers in banks will sometimes reject a check if the date is over that limit. This does not prevent a check from clearing the bank when deposited through other means than a teller.
Detailed explanation-3: -When the date written on the cheque is three months prior to submission to the bank for payment, it is called Stale cheque. Stale cheque and expired dated cheque both are synonymous.
Detailed explanation-4: -3 months is the validity of the cheque from the date of issue. The date of validity of the cheque is initiated by the Reserve Bank of India (RBI) with effect from 1 April 2012. After 3 months, the cheque becomes a stale one, which is equal to a dead cheque in the sense that it is no longer valid.