Dispensation of Physical Forwarding of Government Cheques
The Reserve Bank of India (RBI) has decided to dispense with the requirement of forwarding government cheques in physical form to the Government.
This decision is in line with the implementation of the Cheque Truncation System (CTS), which aims to reduce the physical movement of cheques and increase the efficiency of the payment system.
Changes to Memorandum of Instructions
The RBI has made changes to the Memorandum of Instructions for reporting of government transactions.
These changes are aimed at aligning the reporting process with the CTS and ensuring that government transactions are reported accurately and efficiently.
Key Takeaways:
The physical forwarding of government cheques to the Government is no longer required.
The Memorandum of Instructions for reporting of government transactions has been revised to align with the CTS.
The changes aim to increase the efficiency and accuracy of government transactions.
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