Regulatory Alerts2020-05-15 | Instructions to CEOs of LCBsExtending the Validity Period of Cheques
The Monetary Board, through Director D. Kumaratunge, mandates Licensed Commercial Banks to extend the validity period of cheques valued under Rs. 500,000 until 31 May 2020. This directive amends Circular No. 06 of 2020, which previously extended the deadline to 15 May 2020, in response to requests from affected institutions. The measure aims to provide relief to businesses and individuals impacted by the ongoing situation in the country.
Ref:34/01/016/0010/001 15 March 2020 To: CEOs of All Licensed Commercial banks Extending the validity period of Cheques This is with reference to Circular 06 of 2020 dated 28 April 2020 issued by the Monetary Board, which was issued as an amendment to the Circular No. 04 of 2020 on Relief Measures to Assist COVID – 19 Affected Businesses and Individuals dated 24 March 2020. As per the Circular No. 06 of 2020, the paragraph 05 of Circular No. 04 of 2020 was amended to extend the validity period of cheques valued less than Rs. 500,000 till 15 May 2020. Considering the requests made by affected institutions due to the current situation in the country, Licensed Commercial Banks are hereby informed to extend the validity period of cheques valued less than Rs. 500,000 until 31 May 2020. D. Kumaratunge Director Payments and Settlements