How do you manage post dated Cheques?

A post-dated cheque is one that the recipient can encash on a future date. Such cheques are not payable until the date mentioned on the face of the cheque. In the accounting books of both the issuer and the recipient, the transaction will not be recorded until the date provided on the cheque.

What happens if PDC bounces?

According to the provisions of the said Act, the legal punishment for dishonouring of PDC is: Imprisonment for maximum up to 1 year, A fine equivalent to two times the amount mentioned on the dishonoured cheque or.

What is PDC mode of payment?

PDC is short for post-dated check, which is given by an issuer to a recipient as form of payment ahead of time. What makes a PDC different from a regular check? On the other hand, the PDC includes a future date, which allows the recipient to deposit the check on the date stated.

What happens if a cheque is post dated?

To define post-dated cheque, it is a form of a cheque drawn with a future date written on it. This arrangement of issuing a post-dated cheque to the recipient (the person or business receiving the payment, also known as the payee) is only made when the drawer wants the recipient to wait before depositing the cheque.

Can PDC be Cancelled?

The Supreme Court has ruled that stopping the payment of a post-dated cheque, issued to discharge debt or liability, is a criminal offence under the Negotiable Instruments Act.

Is it illegal to post date checks?

Postdating a check is done by writing a check for a future date instead of the actual date the check was written. It is legal for an individual to postdate a check, as well as for a bank to cash or deposit it. …

Are post dated checks illegal?

Postdating a check is done by writing a check for a future date instead of the actual date the check was written. It is legal for an individual to postdate a check, as well as for a bank to cash or deposit it.

What is PDC and SPDC?

PDC stands for Post dated cheque. PDCs are collected for the payment of EMIs. What is SPDC? SPDC stands for security post dated cheques. These cheques can be presented to your account incase there are default in EMI payments.

Can we cancel PDC?

Can we stop PDC cheque?

You can stop payment by instructing the bank. This may lead to cheque bounce case. It depend upon the reason why are you stopping the cheque. You may write a mail or send letter to the other party regarding not to deposit the said cheque with reason.

Can you void a post dated check?

You can always stop payment on a check before it’s cashed, even if it isn’t post dated. By the way, post dating a check doesn’t mean that the holder of the check can’t deposit it. The only real penalty is that the bank can ignore the date and accept the deposit.

How do you stop a bounced cheque?

To avoid these fines, you can set a future date on the cheque and ensure that there are adequate funds in the account to prevent a cheque bounce. However, another option would be to carry out your transaction via online payments or NetBanking.

How does a post dated cheque ( PDC ) work?

Post-dated Cheque (PDC) Management A post-dated cheque is one that the recipient can encash on a future date. Such cheques are not payable until the date mentioned on the face of the cheque. In the accounting books of both the issuer and the recipient, the transaction will not be recorded until the date provided on the cheque.

Where can I find post dated cheque management?

You can click the following links for more information on post-dated cheque management.

Which is the best software for cheque printing?

The software enables fund transfers between the banks and cash accounts. Fund management helps in performing activities similar to a bank. Entry of accurate data allows to managing fund flow of the company. eMatrix cheque printing software supports both Microsoft Access and SQL database.