Enhancement of threshold limit for High Value Clearing in banks
Kindly find below the circular received from RBI -NCC, Chennai with reference to the enhancement of threshold limit for High Value clearing transactions :-
> RBI is working on phasing out High Value clearing transactions in the larger interest of customers and in view of the risks involved
> Keeping in view of the above, the threshold amount of cheques eligible to be presented in High Value Clearing is increased from Rs. 1 lakh to Rs. 10 lakhs with effect from May 04, 2009.
It means that, if you have been depositing cheques upto Rs. 10 Lakhs for the first-clearing of the day in any bank thinking that I would be credited the same day, pls be alert that it is not possible any more. It will go for normal clearing and will take a minimum of 2 days.
Only cheques above Rs. 10 Lakhs are eligible for high value clearing and are expected to be credited the same day.
Kindly be advised of the latest circular wherein RBI has stayed the enhancement of threshold limit for High Value to Rs. 10 Lakhs informed earlier vide their circular.
Accordingly kindly be advised that the current threshold limit for processing High Value transactions for Rs. 1 lakh will continue to be in existence till any further notice received from RBI.