Question

In the Positive Pay System, confirmation is mandatory for cheques issued for Rs. ______ & above.

A 5 lakh Correct Answer Incorrect Answer
B 10 lakh Correct Answer Incorrect Answer
C 15 lakh Correct Answer Incorrect Answer
D 20 lakh Correct Answer Incorrect Answer
E 26 lakh Correct Answer Incorrect Answer

Solution

Positive pay system A positive pay system is a measure by the RBI to prevent frauds perpetrated through cheque payments in the form of tampering or alteration of the cheque.

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