New Directives To Banks On Dealing With Cheques

--By TC Correspondent

Nepal Rastra Bank has issued new directives regarding dishonoured cheques. As per the new directives, the bank should inform the drawer if the cheque presented to the bank is dishonoured due to insufficient balance in the account of the drawer. If the cheque so dishonoured is presented to the bank again and the balance is still insufficient to honour it, the bank should inform the Credit Information Bureau (CIB) to blacklist the drawer. The central bank has made these provisions mandatory from July 16. In the same set of directives, the central bank has asked the banks to honour only account payee cheques if the payments are to be made to a firm, a company, or an office. 

Similarly, the new directive has stated that if the amount written in number and words differ, the amount written in words is to be recognized.