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In order to check banking fraud, the Reserve Bank of India has decided to introduce from January 1, 2021, the ‘positive pay system’ for cheque, under which re-confirmation of key details may be needed for payments beyond Rs 50,000. Banks are advised to create adequate awareness among their customers on features of Positive Pay System through SMS alerts, display in branches, ATMs, etc.In order to check banking fraud, the Reserve Bank of India has decided to introduce from January 1, 2021, the ‘positive pay system’ for cheque, under which re-confirmation of key details may be needed for payments beyond Rs 50,000. Banks are advised to create adequate awareness among their customers on features of Positive Pay System through SMS alerts, display in branches, ATMs, etc.taxmann.com Latest Statutory HappeningsRead More