Cancelling cheques may lead to CIB blacklisting Ordering stop payment after voluntarily issuing cheques to the bearer will make the account holder liable of getting blacklisted. Any individual or firm that asks a bank or financial institution to cancel a cheque or payment after writing a cheque will have to justify their stop payment request or else the issuer can be blacklisted, according to a new decree of Nepal Rastra Bank (NRB). A circular issued by the banking regulator has directed financial institutions -commercial banks, development banks and finance companies -to recommend the names of account holders who maliciously cancel payments of cheques to the Credit Information Bureau (CIB) for blacklisting. However, NRB has asked the financial institutions to validate the stop payment only in cases of thefts, loss and unauthorised drawings. Details: goo.gl/SJWpfc
Posted on: Thu, 06 Mar 2014 07:00:01 +0000
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