New Year rule changes: ‘Positive Pay’ system, higher transaction limit for contactless cards and others
Several rules are set to change on January 1 and in the days to come, including implementation of the new cheque payment system, increase in the transaction limit for contactless card and hike in car prices. January 02, 2021 / 10:23 AM IST
Several rules and regulations are set to change on January 1 and in coming days, including implementation of the new cheque payment system meant to curb banking frauds and introduction of a higher transaction limit for contactless cards.
Here’s a list of key rules and procedures that are coming into force on January 1 and in the coming days.
Highlights
Positive Pay System implemented from January 01.
New cheque rules for large value cheques.
New Delhi: The positive pay system for cheque has kicked in from Friday (January 1, 2021)
In a bid to check banking fraud, the Reserve Bank of India had a couple of months ago decided to introduce the positive pay system for cheque, under which re-confirmation of key details may be needed for payments beyond Rs 50,000.
While availing of this facility is at the discretion of the account holder, banks may consider making it mandatory in case of cheques for amounts of Rs 5 lakh and above.
Here is all you want to know about Positive Pay System
Updated Jan 01, 2021 | 14:12 IST
From Friday (January 1) several rules pertaining to FASTag, Positive payment system for cheques, LPG cylinder prices, GST filing, new mode of Goods and Services Tax (GST) among others will change. FASTag, positive cheque payments & more: These 8 changes come into effect today | Photo Credit: BCCL
New Delhi: It s a new day, a new year and a new decade. It s also a new chance to step into the year 2021 with a better understanding of events that are likely to impact your financial health.
From Friday (January 1) several rules pertaining to FASTag, Positive payment system for cheques, LPG cylinder prices, GST filing, new mode of Goods and Services Tax (GST) among others will change.
State Bank of India to implement new cheque payment system from January 1; know details
Under the Positive Pay System, re-confirmation of key details may be needed for payments beyond Rs 50,000. File photo of the State Bank of India (Reuters)
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Updated: Dec 30, 2020, 02:51 PM IST
The State Bank of India (SBI), the country’s top lender, is all set to roll out the ‘Positive Pay System for cheques, according which re-confirmation of key details may be needed for payments beyond Rs 50,000. This new cheque payment rule will come into effect from 1 January 2021. As per RBI guidelines, we are introducing Positive Pay System (PPS) w.e.f. 01/01/2021 to ensure added security where the cheque issuer now needs to provide details such as account number, cheque number, cheque amount, cheque date payee name with respect to the cheque payments, SBI on its website.
Highlights
Positive Pay System implemented from January 01.
New cheque rules for large value cheques.
New Delhi: State Bank of India (SBI) has said that it is going to introduce Positive Pay System from 1st January 2021 to make Cheque payment secure. Keeping all your transactions safe including those done via Cheques. SBI is introducing Positive Pay System from 1st January 2021 to make Cheque payment secure. To know more, contact your nearest SBI branch, SBI has tweeted.
Keeping all your transactions safe including those done via Cheques.
SBI is introducing Positive Pay System from 1st January 2021 to make Cheque payment secure. To know more, contact your nearest SBI branch.#SBI#StateBankOfIndia#PositivePaySystem#PPS#ChequePaymentpic.twitter.com/Ah6vL7MjHu