'Not Appropriate To Interfere With Period Prescribed By RBI' : SC Refuses To Extend Validity Period Of Cheques [Read Order]

The Supreme Court has refused to extend the period of validity of a cheque, while holding that a decision on the same may be taken by the Reserve Bank of India, in its discretion. "We do not consider it appropriate to interfere with the period prescribed by the Reserve Bank of India, particularly, since the entire banking system functions on the basis of the period so prescribed....