What is a PDC Cheque?
Post Dated Cheques
It is a standard banking practice in some countries to request post-dated checks for the retail Loan repayments. When Loan are sanctioned, the lending institution collects post-dated checks in advance from the Loan recipient – at times for the full tenor of the Loan .
What is post-dated cheque with example?
To simply put, post-dated cheque is one which is drawn with a date which is after the date on which cheque was written. Let’s understand with an example. Assume that today is 27th Jan and you are writing a cheque. Generally, if you write a cheque, you will write the current date of the cheque i.e., 27th Jan.
What PDC means?
post-dated check
PDC is short for post-dated check, which is given by an issuer to a recipient as form of payment ahead of time.
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. Cheques and similar instruments used in commercial transactions should inspire confidence, the court stated.
Can I deposit PDC cheque?
In most cases, when you receive a postdated check, you can deposit or cash a postdated check at any time. Debt collectors may be prohibited from processing a check before the date on the check, but most individuals are free to take postdated checks to the bank immediately.
Is it illegal to post date checks?
It is legal for an individual to postdate a check, as well as for a bank to cash or deposit it.
How do you use PDC?
Sign up for PDC. Go to the Aircraft tab and click the Enable button under Clearance Delivery. This will enable PDC for that aircraft so no matter who is filing the flight plan or flying the flight, Air Traffic Control (ATC) will assume you’re using it.
Can you deposit a predated check?
Can a bank or credit union cash a post-dated check before the date on the check? Yes. Banks and credit unions generally don’t have to wait until the date you put on a check to cash it. However, state law may require the bank or credit union to wait to cash the check if you give it reasonable notice.
How far out can you postdate a check?
That means the bank must wait to cash the payment until the date stated on the paper or until six months is up, whichever comes first. But if the consumer gives oral notice to the bank, the institution must only wait 14 days before processing the note – even if that happens to be before the date on the check.
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.